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Newmark Knight Frank Secures $454 Million in Refinancing of Seven Multifamily Assets, Three of which located in the Inland Empire

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Real Estate Transaction Alert

Newmark Knight Frank (“NKF”) announced it has closed a pair of structured transactions totaling $454 million for the refinance of seven assets on behalf of a private, San Francisco-based owner and Fannie Mae Priority Sponsor.

NKF’s Vice Chairman Mitch Clarfield and Managing Director Ryan Greer led the GSE effort, providing the sponsors with the ability to release or substitute individual assets and annual opportunities to borrow additional proceeds commensurate with improved property performance. 

The first transaction was a $69.3 million, 10-year, full-term interest-only advance to fund the addition of Callaway Apartments, located in Taylorsville, Utah, to a four-year-old Fannie Mae Credit Facility. The Facility is now comprised of five assets with 1,700 units and a balance of $240 million. Callaway is a 624-unit multifamily property with a strong mix of one- and two-bedroom floor plans. The sponsors used the proceeds to buy out a joint venture partner from a 2007 acquisition. 48 percent of the units met Fannie Mae’s affordable mission guidelines. The 73 percent loan-to-value advance priced in the 2.8 percent range.

In a second transaction, the NKF team funded a new $384.75 million Fannie Mae Credit Facility for the refinance of a six-property portfolio. The Fannie Mae execution was the winning bid in a highly competitive process involving several lenders with an interest in providing the requested financing. 

The new facility had a $130 million 10-year full term interest-only tranche and a $254.75 million 15-year tranche with 14 years of interest only at a 74 percent loan-to-value. The 10-year tranche had a coupon of less than 2.5 percent and the 15-year tranche was below 2.9 percent. This facility marked the 19th Fannie Mae Credit Facility that the team has funded.  

The six-property, 1,633-unit cross-collateralized portfolio includes four assets in Southern California, one in Northern California and one in Oregon. 

  • Palisades at Sierra Del Oro is located in Corona, CA and includes 288 units, built in 2015. 
  • Sierra Del Oro is located in Corona, CA and is comprised of 300 units, built in 1989. 
  • Terra Nova, situated in Chula Vista, CA and includes 233 units, built in 1985. 
  • Village Oaks in Chino Hills, CA totals 280 units, built in 1989. 
  • Hawthorn Village is located in Napa, CA and includes 244 units, built in 2003. 
  • Terrene at the Grove is located in Wilsonville, OR and includes 288 units, built in 2013. 

“NKF and Fannie Mae were able to navigate the market uncertainty to deliver an excellent execution,” said Clarfield. “By leveraging the sponsor’s expertise, resilient property performances and the inherent credit benefit of the crossed collateralization, NKF was able to offer higher proceeds and full-term interest-only at very low rates, along with the superior structure and flexibility of the facility.”

Greer added, “We have been doing business with this sponsor for over 15 years, and five years ago proved the relative benefits offered by the credit facility structure. Product confidence prompted the sponsor to start a second facility for a separate pool of capital almost immediately after the first facility was funded. The borrower has been extremely satisfied with the functionality and benefits of the existing credit facilities.”

“We’re pleased to deliver a top-notch loan to our sponsor, and this execution proves that despite the current challenges and unclear economic environment, it is possible to secure excellent financing at historically low rates,” Clarfield continued. “Best-in-class property operations allowed them to capitalize on current market conditions and secure extremely low-cost, flexible debt for years to come.”

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

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Fire Helmet Manufacturer Helps Disabled Community find Employment

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Riverside’s Phenix Technology Leads with Inclusion, Empowering the Disabled Community Through Workforce Training and Employer Education

Written by Logan Rosselli, IEBJ Content Contributor

In the heart of Riverside, off of Chicago Avenue, a small, but mighty team has been quietly manufacturing life-saving equipment for firefighters across the world for over 50 years. Phenix Technology Inc. is an internationally recognized fire helmet manufacturer who builds their products from start to finish right here in the Inland Empire. For their great products, they’ve received numerous awards such as the Greater Riverside Chamber of Commerce’s 2025 Innovator of the Year, a 2016 “E” for Exports award from the U.S. Department of Commerce, a finalist position in the “Coolest Thing Made in California” competition and more. However, their most recent accolade doesn’t involve their products at all.

In 2024, Phenix founded the ground breaking “Opportunity for All” program to provide disabled community members with the opportunity to access career education, hands-on experience and employment opportunities through an 11 week training cohort. In this program, neurodivergent individuals wanting to find stable employment learn about standard hiring practices, writing a resume, effective interviewing and professional attire while getting on-the-job training with a partnered employer in the community. It has helped dozens of disabled community members to find a new sense of independence and achieve their full potential while helping local employers find dependable employees who bring a unique perspective to the workplace.

It’s for this program that the National Association of Workforce Development Boards (NAWB), a representative of over 570 workforce development boards across the United States, honored Phenix with the prestigious W.O. Lawton Business Leadership Award in late March.

“While we take tremendous pride in the products we make, we also believe we have a mission to create a better world through developing opportunities,” said Angel Sanchez, CEO of Phenix Technology in a statement released in early April. “Opportunity for All has helped prove that individuals who have historically been excluded from the workforce don’t just contribute — they elevate organizations. We are honored to receive this national award and grateful to the partners who have helped us make this vision a reality.”

CEO Angel Sanchez Jr. accepts the NAWB Award

CEO Angel Sanchez Jr. accepts the NAWB Award

Though “Opportunity for All” is certainly the cornerstone program for the company, Phenix’s leadership team was not satisfied to leave their mission there. Thus, in 2024, the company founded its nonprofit arm, Phenix Gateway to offer more programs and advocacy to the community. Through Phenix Gateway, the company offers workforce development workshops for individuals who don’t need the full scale of the “Opportunity for All” program, but want to improve a specific skill like resume writing or workplace social skills.

However, Phenix knows that preparing disabled people for the workforce is only one end of the equation; the workforce also has to be prepared to accept the unique skills, perspectives and challenges of the disabled community. For this reason, Phenix Gateway offers employer training workshops as well as educational materials available to businesses and the community. Training programs cover a lot of ground, ranging from assistance with optimizing interviews for people with neurodevelopmental disorders to creating sensory-friendly environments in the workplace.

In Riverside, these programs have had a huge impact on the local community. As of March 2025, Phenix’s Opportunity for All program has had over two dozen participants and 44% found stable employment through or after the program. Their one-off workforce development workshops have seen over 200 participants learn new skills and help them find employment and the nonprofit currently partners with close to 90 businesses to assist them in their endeavor to create a more inclusive workforce.

Phenix Gateway staff helps a program participant with his skills

For businesses or community members interested in learning how they can support or participate in these programs, Phenix encourages them to reach out by email to info@phenixgateway.org and to attend their First Annual Gala: Rising Together, A Phenix Gateway Celebration, on Thursday, May 15th. Tickets for this event are available at phenixgateway.org.

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Supported by Local Leaders, CALED’s Annual Conference will be in Ontario this May

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Empowering Economic Growth: CALED Conference Set to Unite Industry Leaders in Ontario

CALED’s ‘Growing Local Economies from the Ground Up’ Conference is being held in Ontario at the DoubleTree by Hilton Hotel Ontario Airport on May 7-9. This event is co-hosted by the City of Ontario and San Bernardino County, with Jennifer McLain Hiramoto, CALED’s Chair of the Board and Derek Armstrong respectively representing their city and county as Co-Chairs of the event.

With over 950 members and 45 years of empowering economic developers, CALED is the largest economic development association in the country and the annual conference is the number one place to meet and connect with the boots-on-the -ground, decision makers in our communities. 

The conference will include a pre-conference teaching tour, ‘Building & Paying for Development Projects’ on May 6th and then begin in full on May 7th, with a welcome session and breakouts. Overall, there will be four general assembly sessions and 18 breakout sessions, which will delve into local economic development practices and innovative tools.

In addition to compelling content, the conference will have numerous opportunities to connect with community leaders and valued peers through networking receptions, the culinary crawl, and new this year, the Tournament of Champions, where conference attendees will navigate a gauntlet of games to win the grand prize on the evening of Thursday, May 8th.

To learn more about the conference and register, visit the CALED website at www.caled.org.

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Strengthening Community Connections: Our Exciting New Partnership with Toyota Arena, Ontario Convention Center, and GOCAL

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Contributed Content | By Chris Venhoff, Senior Vice President and Inland Empire Market Leader for Consumer and Business Banking at U.S. Bank

As the Inland Empire market leader for U.S. Bank, I’m thrilled to share some exciting news: we are proud to be the Official Bank Partner of Toyota Arena and Ontario Convention Center. This partnership represents a reflection of our deep commitment to the Inland Empire and our dedication to fostering a vibrant, thriving community.

At U.S. Bank, we believe that strong partnerships drive meaningful progress. Toyota Arena and Ontario Convention Center are at the heart of the region’s culture and economy, bringing people together for world-class entertainment, business conventions, and community events. By joining forces, we’re not only expanding our presence but also creating opportunities to engage with residents, businesses, and organizations in ways that make a lasting impact.

Through our sponsorship, we’ll support concerts, sporting events, and conventions that showcase the diversity and energy of the Inland Empire. But this is only the beginning. As our partnership evolves, we’ll work closely with Toyota Arena, Ontario Convention Center, and GOCAL to introduce community-focused programs, including financial literacy workshops and charitable giving initiatives.

This partnership is designed to bring added value to the people we serve. For our customers, we’re introducing the U.S. Bank Fast Pass Lanes, providing priority access at Toyota Arena events. Special offers, exclusive event experiences, and tailored financial solutions for businesses operating in the region are just a few of the many perks we’re excited to roll out.

Our employees are at the core of our success, and this partnership allows us to recognize their dedication. Through exclusive access to events, corporate hospitality opportunities, and community volunteer programs, our team will have new ways to engage with and celebrate the community they serve.

The Inland Empire is a dynamic, fast-growing region, and we’re committed to supporting its continued success. By investing in Toyota Arena and Ontario Convention Center, we’re helping to create and sustain jobs while driving local business growth. These venues bring in visitors, revenue, and visibility, strengthening the region’s economy.

This collaboration is about more than just sponsorship—it’s about making a difference. By working together, we can elevate not just these venues but the entire Inland Empire. At U.S. Bank, we’re committed to being a partner in progress, supporting our customers, businesses, and communities every step of the way.

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