Newmark successfully closed a $56.2-million refinancing deal 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 team secured favorable pricing and loan terms from Fannie Mae on behalf of owner Davlyn Investments.
In order to meet the critical closing date for refinancing their maturing debt, Newmark worked closely with Davlyn Investments to obtain a green building certification within just two weeks. This not only resulted in advantageous loan terms but also qualified the loan as 50% mission-driven, allowing them to benefit from Fannie Mae’s pricing incentives.
According to Clarfield, “With existing debt maturity approaching…we obtained a favorable outcome by shifting to a Green Certification execution.” He also expressed gratitude towards Davlyn for entrusting them with this opportunity.
Since acquiring the property in 2020, Davlyn has made significant improvements both inside and outside of the building. They plan on continuing these renovations moving forward.
This successful refinance serves as another example of Newmark’s expertise and commitment towards achieving optimal results for their clients’ real estate investments.
