Northmarq’s debt and equity team in West Palm Beach, consisting of David Gahagan, Chris Hammel, and Chandler Kaye successfully arranged an $82-million refinance for The Cartwright apartments located in Irvine. This newly built multifamily property boasts 272 units at 17600 Cartwright Rd.
The financing was secured through a correspondent relationship with a life insurance company on behalf of a first-time developer. The loan has been structured for five years with interest-only payments throughout the term.
According to Gahagan, “The Cartwright is an exceptional project developed by Alex Wang of Panku Inc.” He further added that this was Alex’s debut project where he incorporated top-notch design elements and finishes to create a premium apartment community. Northmarq facilitated the loan assignment by securing competitive terms from one of its correspondent life insurance companies. This enabled the borrower to receive sufficient proceeds not only to cover outstanding debt but also reimburse cost overruns on this nearly-stabilized property – without mentioning any specific names or brands.
