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IRVINE, CALIF. — Northmarq’s West Palm Beach debt and equity team of David Gahagan, Chris Hammel and Chandler Kaye has arranged an $82 million refinancing for The Cartwright, a multifamily property in the Orange County city of Irvine.
The firm arranged financing on behalf of the first-time developer through a correspondent relationship with a life insurance company. The refinancing features a five-year term with interest-only payments for the full life of the loan.
Built in 2021, The Cartwright features 272 affordable workforce apartments. The property is located at 17600 Cartwright Road.