Northmarq secures $34M in permanent financing for 324-unit multifamily community in Upland, CA
Photo credit: CoStar
UPLAND, Calif. — Northmarq’s San Diego Debt + Equity team led by Conor Freeman and Aaron Beck successfully arranged $34 million refinance of Northwoods Apartments, a 324-unit garden-style multifamily community located at 1662 W. Arrow Highway in Upland, California.
Northmarq arranged the permanent-fixed financing on behalf of the borrower through the firm’s relationship with Freddie Mac. The permanent fixed-rate loan is structured as a 10-year term, with full-term interest-only payments.
"Northwoods Apartments is an excellent example of a community that combines naturally occurring workforce housing with deed-restricted affordable units, helping meet the growing demand for attainable rental options in the Inland Empire," Freeman said. "By utilizing Freddie Mac's Targeted Affordable Housing program, we were able to deliver a long-term financing solution that helps preserve renter affordability while aligning with our client's investment objectives.”
The property features one- and two-bedroom floorplans with amenities such as central air conditioning, vinyl flooring and walk-in closets. The garden-style community also boasts two swimming pools and four heat-steamed spas.
Located in San Bernadino County, Northwoods Apartments offers residents convenient access to major transportation corridors, employment centers, retail destinations and recreational amenities throughout the Inland Empire. The community is also served by highly rated local schools, including Moreno Elementary School, Serrano Middle School and Upland High School.
As one of the Inland Empire’s most established multifamily markets, Upland continues to benefit from strong regional connectivity, a diverse employment base and sustained renter demand, positioning Northwoods Apartments for long-term success.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
