Newmark Facilitates $56.2 Million Refinance for 273-Unit Multifamily Property in Roseville, CA

July 8, 2024 9:00 AM

Newmark[1] announces the closing of a $56.2 million refinance for Ascent at the Galleria, a green-certified, 273-unit multifamily property located in Roseville, CA. Newmark Executive Vice Chairman Mitch Clarfield and Senior Managing Director Meghan Varga led the refinancing on behalf of the owner, Davlyn Investments.

"With existing debt maturity approaching, we worked with Fannie Mae and Davlyn to obtain a favorable outcome by shifting to a Green Certification execution, after the Green Rewards option proved to be too costly," said Clarfield. "We are very pleased with the results and are grateful to the Davlyn team for entrusting us with this opportunity."

To ensure favorable pricing and loan terms from Fannie Mae, and to meet the critical closing date for refinancing the maturing debt, Newmark assisted Dalvyn Investments in obtaining a green building certification within a tight two-week timeframe, which secured advantageous loan terms and qualified the loan as 50% mission-driven, further benefiting from Fannie Mae's pricing incentives.

Throughout the due diligence process, interest rates fluctuated significantly. In response Newmark employed Fannie Mae's streamlined rate lock program, which allows for rate locking prior to full underwriting. This proactive approach enabled the team to lock in a favorable rate during a dip in treasuries and spreads, optimizing the financial outcome for Dalvyn Investments.

Ascent at the Galleria is a garden-style property consisting of a mix of one-, two- and three-bedroom apartments. Amenities include a resort style pool, spa and sauna, poolside cabanas, a fitness center, dog park and a clubhouse with a fully equipped kitchen. Units offer a patio or balcony, stainless steel appliances, fireplace and private garages. Since acquiring the property in 2020, Davlyn Investments has made interior and exterior improvements, and they plan to continue renovations.

[1] Dba Newmark Knight Frank in California

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Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of March 31, 2024, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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