A New York-based real estate finance and investment company has issued a $22.5 million refinance loan for the 128-unit Skyview Heights apartment complex in Airway Heights.

Located at 12501 W. 6th and taking up the full block southwest of Sixth Avenue and Russell Street, the property includes 16 two-story buildings featuring a mix of 32 one-bedroom, 80 two-bedroom, and 16 three-bedroom units.

Bend, Oregon-based Skyview Heights LLC is listed on real estate tax records as the owner of the property.

The refinance, which is backed by the U.S. Department of Housing and Urban Development, qualifies for a 25-basis point reduction in interest rate due to a GreenPoint Silver Level rating for sustainable design, a press release issued by Dwight Capital says.

Skyview Heights was constructed in 2021. O’Brien & Co., of Portland, Oregon, was the contractor for the development, and Glancey Rockwell & Associates Inc. designed it, according to permit information on file with the city of Airway Heights. Sage Engineering Inc., of Olympia, Washington, was the civil engineer.

The construction value wasn’t listed on available permit records, but the Spokane County Assessor’s Office listed the taxable value of the property at $22.1 million prior to refinancing.

The loan is backed under the HUD 223(f) program that supports fixed-rate financing for existing market-rate or affordable multifamily housing with longer terms at a lower interest rate than conventional loans, according to the HUD website.

Skyview Heights’ website shows monthly rents start at $1,525 for one-bedroom units, $1,800 for two-bedroom units, and $2,115 for three-bedroom units.