Panku Secures $82M Refinancing For Cartwright Apartments In Irvine
17600 Cartwright Road
$82,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Feb 6, 2024
AI
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
Irvine MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93