Urban Development Group Receives $40M in HUD Financing for Two Multifamily Properties in Portland

by Amy Works

PORTLAND, ORE. — Urban Development Group has received two separate loans, totaling $40 million, for two apartment communities in Portland. Dwight Capital provided a $24.9 million HUD 223(f) loan for The Kathryn Ann and a $15.2 million HUD 223(f) loan for The Sellina.

The 146-unit The Kathryn Ann and the 90-unit The Sellina both feature dog wash stations, indoor bicycle storage and community courtyard.

Both loans benefitted from a Green Mortgage Insurance Premium Reduction set at 25 basis points because the properties achieved Energy Star certifications. The Kathryn Ann also has an affordability component, as 15 percent of its units are restricted to 80 percent or less of the median family income.

These loans are the seventh and eighth HUD loans that Dwight Capital has closed for the borrower. McBride Capital brokered the transactions.

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