Northmarq secures $82 million refinance of 272-unit luxury apartments in Irvine, CA
WEST PALM BEACH, Fla. (Feb. 5, 2024) — 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, California. Built in 2021, the multifamily property features 272 units at 17600 Cartwright Road.
Northmarq arranged financing on behalf of a first-time developer through a correspondent relationship with a life insurance company. The transaction was structured on a 5-year term with 5 years of interest-only payments.
"The Cartwright is a fantastic project developed by Alex Wang of Panku, Inc. 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,” said Gahagan. “The debt assignment was to deliver a 5-year interest only loan at proceeds sufficient to cover the outstanding debt plus additional proceeds to reimburse cost overruns on the near-stab Cartwright. Northmarq placed the loan with one of its correspondent life insurance companies which offered extremely competitive terms.”
Located in the live-work-play Irvine Business District, The Cartwright boasts close proximity to high-tech companies, dining, shopping and entertainment. The Class A project offers a selection of affordable workforce housing units with best-in-class unit interiors and amenities.
“We are grateful for Panku entrusting Northmarq with this assignment and pleased we could deliver terms that met expectations,” added Gahagan.
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
