Newmark closed a $56.2-million refinance for Ascent at the Galleria, a green-certified, 273-unit multifamily property located in Roseville, California just outside of Sacramento. Executive vice chairman Mitch Clarfield and senior managing director Meghan Varga led the refinancing on behalf of the owner, Davlyn Investments.
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. The team secured advantageous loan terms and qualified the loan as 50% mission-driven, further benefiting from Fannie Mae’s pricing incentives.
“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.”
Nestled within beautiful Roseville, California, Ascent at the Galleria Apartment Homes features one, two, and three bedrooms luxury apartment homes. All residences feature a gourmet kitchen with granite countertops and stainless steel appliances, high ceilings, air conditioning, a cozy gas fireplace, and a washer & dryer, plus a private balcony or patio. Private garages are included with rent.
Residents can enjoy every bit of the California sun by the resort-style pool and spa with cabanas and abundant private lounge chairs. Two full barbecue bars, an old-fashioned wood-burning oven, and an exquisite outdoor lounge will delight resident’s social experience at any time.
The ideal location is just one block from the Fountains Shopping Center and Roseville Galleria featuring premier shopping and entertainment, and just minutes from I-80 and Highway 65. We are within the prominent Roseville City School District and one mile away from the renowned Catheryn Gates Elementary. Our convenient location means you are also just a five-minute drive to Roseville Bike Trail and a ten-minute drive to major employers, such as Sutter, Kaiser Permanente, HP, and the City of Roseville.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a leading advisor and service provider to large institutional investors, global corporations and other owners and occupiers of commercial real estate. We offer a diverse array of integrated services and products designed to meet the full needs of our clients.
