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 Commercial Observer Read More Channel, Finance, Refinance, Ken McBride, Matt McBride, Richard Langdon, Washington, Dwight Capital, Dwight Mortgage Trust, McBride Capital, The Langdon Company
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
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
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