Northmarq’s West Palm Beach debt and equity team, consisting of David Gahagan, Chris Hammel, and Chandler Kaye, recently closed an $82-million refinance deal for The Cartwright apartments in Irvine. This newly built multifamily property boasts 272 units located at 17600 Cartwright Rd.
The financing was arranged by the Northmarq team through a correspondent relationship with a life insurance company on behalf of a first-time developer. The transaction was structured with a five-year term and five years of interest-only payments.
According to Gahagan, “The Cartwright is an exceptional project developed by Alex Wang of Panku Inc.” He also added that this was Wang’s first project which incorporated top-notch design elements and finishes that elevate the quality of this apartment community. The loan placement involved securing a five-year interest-only loan with proceeds sufficient to cover outstanding debt as well as additional funds for cost overruns on the nearly-stabilized property. Northmarq successfully placed the loan with one if its correspondent life insurance companies offering highly competitive terms.
This successful refinancing deal highlights Northmarq’s expertise in securing favorable financing options for their clients’ real estate projects.
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