Panku has obtained $82 million in refinancing for The Cartwright Apartments, a 272-unit luxury community in Irvine, Calif. Northmarq arranged the 5-year loan with 5 years of interest-only payments. Western-Southern Life Assurance Co. was the lender, public records show.
Proceeds retire the outstanding balance of existing debt and will reimburse cost overruns on the nearly stabilized property, Northmarq’s David Gahagan said in prepared remarks. The community had become subject to an $80 million loan originated by Shanghai Commercial Bank in 2021, according to Yardi Matrix data.
Completed that same year, the six-story building encompasses studio, one- and two-bedroom layouts ranging from 535 to 1,356 square feet. A total of 28 units are affordable. Apartments feature washers, dryers, stainless steel appliances, quartz countertops and private balconies or patios.
Common-area amenities include a fitness center, business center, clubhouse, swimming pool and spa, along with outdoor grills, courtyards, work stations and a dog run. Additionally, the community has EV charging stations and some 450 parking spaces.
The 7.5-acre property is at 17600 Cartwright Road, near John Wayne Airport and the Diamond Jamboree shopping mall. Downtown Irvine is within 2 miles. Cartwright is also some 3 miles from a 393-unit luxury community that opened recently.
Northmarq’s team included Senior Vice President David Gahagan, Vice President Chris Hammel and Senior Investment Analyst Chandler Kaye.
