Newmark Arranges $718.5 Million SASB Recapitalization of 13-Property Multifamily Portfolio for Keller Investment Properties

The financing was arranged by Newmark Vice Chairman Darrin Stovall and Executive Managing Director Scot Snowball, in collaboration with Vice Chairman Bill Mott and Director John Chobanian. Nomura served as the lender.

The portfolio includes apartment communities in the Phoenix, Las Vegas, Salt Lake City, Ogden, Provo and Flagstaff markets, totaling approximately 3,321 units. The transaction provided Keller Investment Properties with a long-term debt solution while allowing the firm to maintain ownership of a geographically diversified multifamily portfolio located throughout some of the Western U.S.'s most dynamic growth markets.

The transaction followed a comprehensive process led by Newmark's Multifamily Debt & Structured Finance expert advisory teams, allowing the company to thoroughly evaluate the lending landscape and deliver multiple financing alternatives tailored to Keller's objectives before ultimately securing the financing with Nomura. Rated by both Moody's and Fitch, the financing achieved approximately 79% loan-to-value and a 6.6% debt yield and was structured entirely as mortgage debt.

"Keller Investment Properties has built an exceptional multifamily portfolio across several of the country's most fundamentally strong housing markets. The firm's ownership strategy, operations and long-term vision resonated throughout the financing process," said Stovall. "By leveraging the collective expertise and relationships of our teams, we were able to deliver a tailored debt solution that aligned with Keller's objectives while generating significant interest from the capital markets."

Founded by Scott Keller, Keller Investment Properties has spent more than 35 years building and operating multifamily communities across the Western United States through a disciplined, property-specific investment and management approach.

"This financing represents a significant milestone for Keller Investment Properties, as it was our first SASB execution and provided a long-term capital solution for a substantial portion of our portfolio," Matt Bowen, Executive Vice President at Keller Investment Properties. "The transaction required thoughtful coordination and experienced guidance, and we are grateful for the relationship with Nomura and our longtime advisors at Newmark who were instrumental in helping us navigate the process and achieve an outstanding result. This financing strengthens the foundation of our portfolio and supports our continued commitment to the Western markets where we invest and operate."

"This opportunity demonstrates the continued depth of institutional capital seeking exposure to high-quality multifamily assets and experienced sponsorship, even in complex, large-scale transactions," said Mott. "The level of participation reflects strong confidence in the portfolio's performance, the underlying markets and Keller's long-term ownership strategy."

The portfolio includes:

• 80 on Gibson — Henderson, Nevada
• Firenze Apartments — Henderson, Nevada
• Joshua Hills — North Las Vegas, Nevada
• VUE 5325 — Las Vegas, Nevada
• North Union — Midvale, Utah
• The Park at Legacy Trails — Centerville, Utah
• Quail Cove — Layton, Utah
• Solameer — Herriman, Utah
• The Park at City Center — Sandy, Utah
• Wolverine Crossing — Orem, Utah
• Woodcrest Apartments — Flagstaff, Arizona
• Keller at Town Square — Gilbert, Arizona
• The Lodge Luxury Apartment Homes — Flagstaff, Arizona

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leading commercial real estate advisor and service provider to large institutional investors and other owners, global corporations and other occupiers, and lenders. Built with purpose and driven by excellence, Newmark's comprehensive platform is uniquely tailored to provide superior outcomes to clients. For the twelve months ended June 30, 2026, Newmark generated revenues of more than $3.6 billion. As of June 30, 2026, Newmark and its business partners together operated from over 195 offices with more than 10,000 professionals across four continents. Learn more at nmrk.com or follow @newmark.

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