The Bascom Group Refinances Gateway Villas Apartments for $30.8 Million
The Bascom Group has successfully completed a $30.8 million refinancing of the Gateway Villas Apartments, a 200-unit multifamily community in Las Vegas, Nevada. The property, which was acquired off-market in December 2021, underwent a strategic renovation program to modernize amenities including the fitness center, clubhouse, and pool areas. The financing was arranged by IPA Capital Markets with Bridge Investment Group providing the loan. Despite current market pressures in the Las Vegas multifamily sector due to recent supply deliveries, Bascom leadership noted that the property continues to outperform its submarket. The refinancing is intended to protect investor value and provide stability as the local development pipeline contracts and market conditions normalize.
Topics: commercial real estate finance multifamily real estate refinancing