Northmarq’s San Diego Debt + Equity team has arranged a refinance for Northwoods Apartments, a 324-unit garden-style multifamily community in Upland. Led by Conor Freeman and Aaron Beck, the team structured a $34 million permanent fixed-rate loan for the property at 1662 W. Arrow Hwy. The financing was placed on behalf of the borrower through Northmarq’s relationship with Freddie Mac.
The new loan is structured with a 10-year term and provides full-term interest-only payments. According to the team, the execution was completed under Freddie Mac’s Targeted Affordable Housing program, aligning with the borrower’s long-term investment strategy while emphasizing affordability. The refinancing is intended to offer stability to the capital stack and support the property’s existing mix of workforce and affordable housing.
Freeman noted that Northwoods Apartments demonstrates how naturally occurring workforce housing can be combined with deed-restricted affordable units to address growing demand for attainable rental options in the Inland Empire. By leveraging Freddie Mac’s affordable housing program, the financing is designed to help preserve renter affordability and provide predictability for both the borrower and residents over the life of the loan.
Northwoods Apartments features one- and two-bedroom floorplans, with in-unit amenities such as central air conditioning, vinyl flooring and walk-in closets. The garden-style community also offers residents access to two swimming pools and four heat-steamed spas, supporting its positioning as a workforce-oriented property with a range of onsite amenities.
The transaction underscores ongoing lender interest in stabilized multifamily communities that incorporate an affordability component, particularly in high-demand rental markets such as the Inland Empire. By securing long-term, fixed-rate, interest-only financing through a government-sponsored enterprise, the borrower is able to lock in terms that support both asset performance objectives and the continued availability of attainable rental housing at the property.
