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7/09/24
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Davlyn Investments has landed a $56.2 mil refi loan on Ascent at the Galleria, a green-certified, 273-unit multifamily property located in Roseville, CA. The financing was arranged by Mitch Clarfield and Meghan Varga with Newmark.
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.
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 enabled them to lock in a favorable rate during a dip in treasuries and spreads, optimizing the financial outcome for Dalvyn Investments.
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