Newmark recently facilitated a successful $56.2-million refinance for Ascent at the Galleria, a 273-unit multifamily property located in Roseville. Led by executive vice chairman Mitch Clarfield and senior managing director Meghan Varga, the refinancing was completed on behalf of the owner, Davlyn Investments.
In order to secure favorable pricing and loan terms from Fannie Mae and meet the critical closing date for refinancing maturing debt, Newmark worked closely with Davlyn Investments to obtain green building certification within a tight two-week timeframe. This strategic move not only resulted in advantageous loan terms but also qualified the loan as 50% mission-driven, taking advantage of Fannie Mae’s pricing incentives.
According to Clarfield: “With existing debt maturity approaching, we collaborated with Fannie Mae and Davlyn to achieve an optimal outcome by transitioning to Green Certification after determining that Green Rewards were too costly.” He added: “We are extremely pleased with our success and grateful for this opportunity entrusted by Davlyn.”
Since acquiring Ascent at The Galleria in 2020,Davlyn has implemented interior and exterior improvements while planning further renovations moving forward.
This news was originally published on Connect CRE.
