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February 21, 2024
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Commercial Real Estate Financing Briefs

2/09/24

17600 Cartwright Road, Irvine, CA
17600 Cartwright Road, Irvine, CA
NORTHMARQ - David Gahagan, Chris Hammel and Chandler Kaye with Northmarq arranged an $82 mil refi loan on The Cartwright apartments in Irvine. Built in 2021, the multifamily property features 272 units located at 17600 Cartwright Road. Located in the live-work-play Irvine Business District, The Cartwright boasts close proximity to high-tech companies, dining, shopping and entertainment. The Class A project offers a selection of affordable workforce housing units with best-in-class unit interiors and amenities. The loan was structured on a five-year term with five years of interest-only payments. It was funded through a life insurance company.

JLL CAPITAL MARKETS - Matt Cimino and Jordan Angel with JLL Capital Markets arranged $51.1 mil in construction financing for 375 W El Pintado, a 50-unit, active adult luxury condo development in Danville, CA. The development will be comprised of 13 one-bedroom, 29 two-bedroom and eight three-bedroom condominium-style units, with amenities that include a lounge, game area, library, rooftop terrace with bocce ball, firepits, barbecue and fitness center. The project is deed restricted to owners above the age of 55 and is planned to deliver in 2025. 375 W. El Pintado is walking distance from Danville’s downtown with quick access to fine dining, many luxury boutiques, a weekly farmer’s market and a shopping center anchored by Trader Joe’s. Along with being walking distance to downtown, residents can join one of four county clubs within a 15-minute drive of the property where there is access to golf, tennis, swimming and more. The borrowing entity consisted of Jeff Stone of Diamond Construction Inc and three high net worth individuals. The loan was funded by a Southern California based lender.

BWE - Ryan Stoll and Taylor Mokris with BWE arranged $46 mil in permanent financing for Westmont of Cypress, a 129-unit, newly built, Class A+ independent living, assisted living, and memory care community in Cypress, CA. Westmont of Cypress boasts best-in-market amenities including various chef-inspired dining options, swimming pool, fitness center, spacious living spaces, outdoor courtyard, library, salon/barber shop, movie theater, on-site therapy services, scheduled transportation, resident/guest parking, concierge services, and pet-friendly accommodations. A life insurance company funded the deal.

GANTRY - Andy Bratt and Sean Kuang with Gantry arranged a $25.4 mil permanent loan to retire construction financing for the recently completed SW by CLG Apartments in Los Angeles. Located at 1947 Sawtelle Blvd in West LA’s Japantown neighborhood, the four-story, Class A apartment building features 88 units offering two-bedroom, one-bedroom, and studio floorplans. SW also features highly desirable street front retail space occupied by five unique restaurant concepts. The five-year loan was funded through a life insurance company and features a fixed rate with interest-only terms and flexible pre-payment penalty.




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