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Northmarq Secures $82M Refi of Irvine Multifamily

Northmarq’s West Palm Beach debt + equity team of David Gahagan, Chris Hammel and Chandler Kaye secured the $82-million refinance of The Cartwright apartments in Irvine. Built in 2021, the multifamily property features 272 units at 17600 Cartwright Rd.

The Northmarq team arranged financing on behalf of a first-time developer through a correspondent relationship with a life insurance company. The transaction was structured on a five-year term with five years of interest-only payments.

“The Cartwright is a fantastic project developed by Alex Wang of Panku, Inc.,” said Gahagan. “This was Alex’s first project, in which he incorporated excellent design elements and finishes that really make the Cartwright a high-quality apartment community. The debt assignment was to deliver a five-year interest only loan at proceeds sufficient to cover the outstanding debt plus additional proceeds to reimburse cost overruns on the [nearly-stabilized] Cartwright. Northmarq placed the loan with one of its correspondent life insurance companies, which offered extremely competitive terms.”

Register today for Connect Phoenix Multifamily & Single-Family Build-to-Rent, scheduled for April 18 at the Westin Kierland Resort & Spa, Scottsdale, AZ.


Inside The Story

Northmarq's Gahagan

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 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).

  • ◦Financing
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