Northmarq Arranges Freddie Mac Loan for Upland Apartments

Northmarq’s San Diego Debt + Equity team led by Conor Freeman and Aaron Beck arranged a $34-million refinance of Northwoods Apartments, a 324-unit garden-style multifamily community located at 1662 W. Arrow Hwy. in Upland. 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,” said Freeman . “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 including central air conditioning, vinyl flooring and walk-in closets. The garden-style community also contains two swimming pools and four heat-steamed spas.

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Northmarq's Freeman

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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