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Northmarq arranges $34 million refinance for Northwoods Apartments
The 324-unit property in Upland, California is refinancing into permanent fixed-rate financing through Freddie Mac’s Targeted Affordable Housing program, with full-term interest-only payments.
Northmarq’s San Diego Debt + Equity team arranged a $34 million refinance for Northwoods Apartments, a 324-unit garden-style multifamily community at 1662 W. Arrow Hwy. in Upland, California, according to ConnectCRE.
The firm arranged permanent fixed-rate financing on behalf of the borrower through its relationship with Freddie Mac, structuring the loan with a 10-year term and full-term interest-only payments.
ConnectCRE said the financing is intended to preserve renter affordability by leveraging Freddie Mac’s Targeted Affordable Housing program, which combines naturally occurring workforce housing with deed-restricted affordable units.
The property offers one- and two-bedroom floor plans and includes amenities such as central air conditioning, vinyl flooring, walk-in closets, two swimming pools, and four heat-steamed spas.