August 12, 2020
New York-based Dwight Capital closed a $10.9 million HUD 223(f) loan for The Rose Apartments, a 90-unit affordable and sustainable apartment community located in Portland. Josh Sasouness originated the loan for the asset at 9700 NE Everett Court.
Built in 2015, the property consists of a pair of four-story apartment buildings that were built to LEED Silver Certification standards. The property features passive solar designs, on-site water harvesting, two electric car charging stations, pedestrian walkways, green community gardens and on-site parking.
Due to the property’s energy efficient status, the mortgage includes a Green MIP Reduction set at 25 basis points. The Rose Apartments also meets multiple affordability requirements and includes an annual tax abatement used to secure additional loan proceeds.
The Portland financing was part of Dwight Capital’s $302.18 million in financing activity in July. Sasouness also originated a $14.48 million HUD 223(f) loan for Golden Gardens Apartments, a 110-unit garden-style apartment property in Fresno, CA.
For comments, questions or concerns, please contact Dennis Kaiser