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
