Orange County Apartment Complex Secures $82M Refi
272-unit project was completed in 2021
By Greg Cornfield February 8, 2024 3:45 pm
reprints
A multifamily developer in Orange County, Calif., landed refinancing for its first project.
Alex Wang of development firm Panku secured an $82 million loan for a 272-unit project named The Cartwright that was completed in 2021 in Irvine.
Northmarq announced the five-year loan and arranged it on behalf of the owner, but did not disclose the name of the lender. A source familiar with the loan told Commercial Observer that Western-Southern Life Assurance provided the financing, though the company did not immediately return a request for comment.
The Cartwright is at 17600 Cartwright Road in the Irvine Business District. Northmarq’s David Gahagan, Chris Hammel and Chandler Kaye arranged the loan.
“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 near-stab Cartwright,” Gahagan said in a statement.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
