Inland Empire Property Becomes Subject to $34M Refi
Northmarq arranged the Freddie Mac loan.
Northwoods Apartments, a 324-unit mixed-income property inside the Inland Empire city of Upland, Calif., has become subject to a $34 million Freddie Mac refinancing loan arranged by Northmarq. Two private individuals own the community, according to Yardi Matrix data.
The 10-year, fixed-rate loan has full-term, interest-only payments. Proceeds retire a $30 million Fannie Mae DUS loan arranged by Northmarq in 2016, due to mature this month.
Northmarq used Freddie Mac’s Targeted Affordable Housing program, according to prepared remarks by Conor Freeman, the company’s vice president. Such programs require deed-restricted affordable units.
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As of 2025, Northwoods had 64 low-income units reserved for residents earning up to 80 percent of the area median income, despite the 2024 expiration of the property’s mortgage revenue bonds. Additionally, the community serves missing middle residents through naturally occurring workforce housing, Freeman stated.
The 1985-built property encompasses 29 two-story buildings spread across a nearly 15-acre site. Floorplans consist of one- and two-bedroom layouts measuring 750 and 880 square feet, respectively. Amenities include two swimming pools, laundry rooms and park-like settings, among other features.
Located at 1662 W. Arrow Highway in San Bernardino County, Northwoods is within 2 miles of thoroughfares such as Interstate 10 and California state routes 66 and 210. A shopping center of more than 1.2 million square feet is within walking distance.
Debt deals in Inland Empire’s Upland
Upland’s transportation corridors, employment centers and retail properties continue driving sustained demand. Solid fundamentals helped several refinancing deals pencil out in the submarket. In January, New Standard Equities and Corebridge Real Estate Investors refinanced The Benson, a 236-unit property, with a $60.1 million loan from D2 Asset Management, Yardi Matrix data shows.
One month later, PNC Bank originated a $22.8 million CMBS loan for the 151-unit Dakota Creek, and in April, East West Bank issued a $10.9 million note for The Courtyards at Upland, a 51-unit community, the same source shows. The properties are within 3 miles of Northwoods.
