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Panku Secures $82M Refinancing For Cartwright Apartments In Irvine

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FINANCED
$82,000,000
Chandler Kaye
Chris Hammel
David (Dave) Gahagan

California

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MultiFamily
Financed 02/06/2024
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FINANCED

Panku Secures $82M Refinancing For Cartwright Apartments In Irvine

17600 Cartwright Road

See Similar Deals
MultiFamily
Financed 02/06/2024
Chandler Kaye
Chris Hammel
David (Dave) Gahagan
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Loan

Panku has secured an $82 million refinancing for The Cartwright Apartments, a 272-unit luxury community in Irvine, California. The loan was arranged by NorthMarq with a 5-year loan from Western & Southern Life Insurance Company. The funds will be used to retire existing debt and cover cost overruns. The property offers upscale amenities and is conveniently located near major attractions.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $82,000,000
  • Units: 272
  • Acres: 7.5
  • Market: Irvine
  • Lender: Western & Southern Life Insurance Company
  • Landlord: Panku
  • Brokers: Chandler Kaye, Chris Hammel & David Gahagan - NorthMarq
  • Loan Type: Refinance
  • Loan Terms: 5-year loan with 5 years of interest-only payments

Chandler Kaye, Chris Hammel, and David Gahagan from NorthMarq represented the parties involved in the deal.

Players

Chandler Kaye
NorthMarq
Chandler Kaye
4 deals$274.7M volume
BROKER
Chris Hammel
NorthMarq Capital
Chris Hammel
5 deals$265.7M volume(850) 559-1213
BROKER
David (Dave) Gahagan
NorthMarq
David Gahagan
6 deals$360.7M volume(561) 612-0545
BROKER
Western & Southern Life Insurance Company
Western & Southern Life Insurance Company
LENDER

Details

FINANCED
IMAGE: Chandler Kaye, David Gahagan & Chris Hammel DATE: 02/06/2024 ADDRESS: 17600 Cartwright Road MARKET: Irvine ASSET TYPE: Multifamily ~ UNITS: 272 ~ ACRES: 7.5 LENDER: Western & Southern Life Insurance Company (@WesternandSouthern) LANDLORD: Panku BROKERS: Chandler Kaye, Chris Hammel & David Gahagan - NorthMarq (@Northmarq) LOAN AMOUNT: $82,000,000 LOAN TYPE: Refinance LOAN TERMS: 5-year loan with 5 years of interest-only payments NOTE: Panku secures $82 million refinancing for The Cartwright Apartments, a 272-unit luxury community in Irvine, Calif., arranged by Northmarq with a 5-year loan from Western-Southern Life Assurance Co. The funds will retire existing debt and cover cost overruns, addressing a previous $80 million loan from Shanghai Commercial Bank in 2021, as the property offers various upscale amenities and is conveniently located near major attractions.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$82,000,000.00

Monthly NOI$546,666.67
Monthly Debt Service$518,295.78
Change in Cash Flow$0.00
Refinance Proceeds$0.00