Newmark Arranges $33.5 Million Fannie Mae Financing for Elan Multifamily Investments' Reno Apartment Complex
RENO, Nev. — Aug. 5, 2026 — Newmark has arranged $33.5 million in Fannie Mae financing for Ascent on Steamboat, a 204-unit multifamily community in Reno, Nevada, on behalf of sponsor Elan Multifamily Investments. The five-year, fixed-rate loan was secured by Executive Managing Directors Lowell Takahashi and Vince Punzi, with Managing Director Hunter Curtis also assisting in the transaction.
Deal Structure and Process
The financing is a refinance of existing debt on the garden-style apartment community located at 3300 Skyline Boulevard in Reno's Old Southwest neighborhood. At 204 units, the $33.5 million loan equates to roughly $164,000 of debt per unit. If current stabilized values in the Old Southwest submarket are trading in the mid-$200,000 to low-$300,000 per unit range for upgraded garden assets, that would imply leverage in the 55–65% loan-to-value band, consistent with Fannie Mae's appetite for stabilized assets in secondary markets.
The transaction followed a year-long deliberation by Elan Multifamily Investments over strategic options amid shifting market conditions. Rather than defaulting to a conventional financing approach, the Newmark team canvassed a broad range of capital sources before landing on agency execution.
"We worked closely with the sponsor to understand the evolving business plan and evaluate all available options, from selling the property to refinancing existing debt," said Takahashi. "Throughout that process, our focus was on identifying a financing solution that would align with the sponsor's needs. We brought a broad range of lenders to the table and ultimately closed a Fannie Mae loan that delivered attractive terms and provided the kind of certainty the sponsor needed moving forward and were able to close just over 30 days from application thanks to the proactive borrower team."
The 30-day close from application is notably fast for agency execution, reflecting both the sponsor's preparation and the property's stabilized profile.
Property Overview: Ascent on Steamboat
Ascent on Steamboat is a mid-1970s vintage garden-style community that has undergone multiple rounds of capital improvements, including unit upgrades and amenity enhancements. The property offers one- and two-bedroom apartment homes with upgraded interiors and panoramic mountain and city views.
Amenities include indoor and outdoor swimming pools, a fitness center, and a clubhouse. The property's location at 3300 Skyline Boulevard provides residents with access to Skyline Boulevard, McCarran Boulevard, Interstate 80, and Interstate 580, connecting to major employment centers throughout the Reno-Tahoe region.
Elan Chief Executive Officer Christie Johnson-Cerna highlighted the asset's operational track record in commenting on the financing. "Ascent on Steamboat has benefited from years of disciplined capital investment and hands-on asset management," Johnson-Cerna said. "For us, the right financing isn't simply about achieving the lowest interest rate, it's about preserving flexibility and protecting long-term value. Throughout the process, the Newmark team served as trusted advisors, combining deep experience with a proactive, solutions-oriented approach."
Strategic Context: Agency Debt in a Volatile Rate Environment
The transaction reflects a broader dynamic playing out across the multifamily capital markets, where sponsors are weighing hold-versus-sell decisions as a wave of loans originated between 2018 and 2021 reaches maturity. Many of those loans, often carrying five-year terms, were originated at historically low rates, leaving owners facing a choice between selling into a market with softer pricing or refinancing at higher costs.
In this environment, Fannie Mae has remained an active lender, prioritizing assets with strong sponsorship, in-place cash flow, and durable locations. A five-year fixed-rate structure allows a sponsor to secure rate certainty over the near term while retaining the ability to recapitalize or sell if market conditions shift before the loan matures.
Reno's multifamily market has been supported by population and job growth tied to logistics, advanced manufacturing, and technology-sector activity. Stabilized, market-rate properties in infill Reno submarkets have generally maintained occupancy in the low-to-mid-90% range, with newer Class A properties facing more competitive pressure from concessions. Renovated garden assets in established neighborhoods like the Old Southwest, with strong highway connectivity, occupy a more defensive position in the local rent spectrum — above older Class C stock but below newer mid-rise product.
About the Parties
Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate advisory and services firm. For the twelve months ended June 30, 2026, Newmark generated revenues of more than $3.6 billion. As of that date, Newmark and its business partners operated from over 195 offices with more than 10,000 professionals across four continents.
Elan Multifamily Investments is the sponsor and owner of Ascent on Steamboat. Fannie Mae provided the agency financing for the transaction.
Sources: Newmark press release, Aug. 5, 2026