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Roseville Apartments Obtain Refi via Green Certification
Newmark closed a $56.2-million refinance for Ascent at the Galleria, a green-certified, 273-unit multifamily property located in Roseville. 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.”
Since acquiring the property in 2020, Davlyn has made interior and exterior improvements. The company plans to continue renovations.
- ◦Financing
