Northmarq’s San Diego Debt + Equity team led by Conor Freeman and Aaron Beck arranged a $34-million refinance of Northwoods Apartments, a 324-unit garden-style multifamily community located at 1662 W. Arrow Hwy. in Upland. Northmarq arranged the permanent-fixed financing on behalf of the borrower through the firm’s relationship with Freddie Mac. The permanent fixed-rate loan is structured as a 10-year term, with full-term interest-only payments.
“Northwoods Apartments is an excellent example of a community that combines naturally occurring workforce housing with deed-restricted affordable units, helping meet the growing demand for attainable rental options in the Inland Empire,” said Freeman . “By utilizing Freddie Mac’s Targeted Affordable Housing program, we were able to deliver a long-term financing solution that helps preserve renter affordability while aligning with our client’s investment objectives.”
The property features one- and two-bedroom floorplans with amenities including central air conditioning, vinyl flooring and walk-in closets. The garden-style community also contains two swimming pools and four heat-steamed spas.
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