Dwight Refis $24M Loan on Apartments in Vancouver, Wash.
By Andrew Coen September 19, 2023 3:05 pm
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RRC Group has sealed a $23.6 million debt package to refinance a newly constructed multifamily asset near the Washington-Oregon border, Commercial Observer has learned.
Dwight Mortgage Trust, the affiliate real estate investment trust of Dwight Capital, supplied the loan on Prairie Home Apartments, a 120-unit property in Vancouver, Wash., about 18 miles north of Downtown Portland, Ore. Proceeds from the bridge loan will be used to retire existing construction debt.
McBride Capital’s Ken McBride and Matt McBride arranged the transaction.
Located at 12101 NE 116th Street, the 2023-built Prairie Home Apartments consists of five three-story residential buildings and one clubhouse on more than 5 acres. Its amenities include garages, a fitness center, a pool, a spa, a barbeque grill area, a dog wash station and a dog park.
RRC Group is a development company that features three partners including Richard Langdon, owner of Portland-based The Langdon Company.
Langdon and Dwight officials did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
