Real Estate
Home›Real Estate›Industry›Northmarq secures $34 million Freddie Mac refinance fo…
Northmarq secures $34 million Freddie Mac refinance for 324 units in Upland
The 10-year, permanent fixed-rate loan includes 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, according to ConnectCRE.
The financing was structured as permanent-fixed debt and placed on behalf of the borrower through Northmarq’s relationship with Freddie Mac.
ConnectCRE said the loan is set up with a 10-year term and full-term interest-only payments.
The community offers one- and two-bedroom floorplans and amenities including central air conditioning, vinyl flooring, walk-in closets, two swimming pools, and four heat-steamed spas, with Freeman noting the property combines workforce housing with deed-restricted affordable units.