Northmarq’s West Palm Beach debt + equity team of David Gahagan, Chris Hammel and Chandler Kaye secured the $82-million refinance of The Cartwright apartments in Irvine. Built in 2021, the multifamily property features 272 units at 17600 Cartwright Rd.

The Northmarq team arranged financing on behalf of a first-time developer through a correspondent relationship with a life insurance company. The transaction was structured on a five-year term with five years of interest-only payments.

“The Cartwright is a fantastic project developed by Alex Wang of Panku, Inc.,” said Gahagan. “This was Alex’s first project, in which he incorporated excellent design elements and finishes that really make the Cartwright a high-quality apartment community. The debt assignment was to deliver a five-year interest only loan at proceeds sufficient to cover the outstanding debt plus additional proceeds to reimburse cost overruns on the [nearly-stabilized] Cartwright. Northmarq placed the loan with one of its correspondent life insurance companies, which offered extremely competitive terms.”

Register today for Connect Phoenix Multifamily & Single-Family Build-to-Rent, scheduled for April 18 at the Westin Kierland Resort & Spa, Scottsdale, AZ.

The post Northmarq Secures $82M Refi of Irvine Multifamily appeared first on Connect CRE.