At a glance
- The loan's rate and term were not disclosed.
- Bascom bought the property in May 2018 for $92.5 million from Mill Creek Residential, which had just developed it.
- The loan equals about 68% of the $92.5 million Bascom paid in 2018 and $227,000 per unit across the 275 units.
Bascom Group completed a $62.5 million refinancing of Viceroy Observatory Park, a 275-unit apartment community in Denver, with JLL arranging the debt through Prime Finance, according to IREI. The loan's rate and term were not disclosed.
Bascom bought the property in May 2018 for $92.5 million from Mill Creek Residential, which had just developed it. AMC will keep managing the community, and SD-Cap is overseeing renovations and upgrades that include a modernized pool area, Nest thermostats, exterior lighting and upgraded interior closets.
The loan equals about 68% of the $92.5 million Bascom paid in 2018 and $227,000 per unit across the 275 units.
The 2018 purchase price is not a current valuation, so a buyer of Denver multifamily paper needs the property's current value to assess the loan.
Bascom remains an active buyer: as Private Wealth Daily previously reported, OBREM and Bascom bought San Jose's 117-unit Museum Park Apartments for $53.1 million on Oct. 21. The Denver asset sits a block from the University of Denver, with downtown, the Denver Tech Center, Inverness and Meridian all inside a 30-minute commute.
Reported by the Real estate debt desk from IREI and Private Wealth Daily archive. Published . Corrections