The Bascom Group Refinances Denver Multifamily Property Viceroy Observatory Park for $62.5 Million
The Bascom Group has successfully completed a $62.5 million refinancing of Viceroy Observatory Park, a 275-unit multifamily community in Denver, Colorado. The new loan replaces a maturing debt obligation and features an initial two-year term with three one-year extension options. This move is intended to mitigate near-term maturity risk and provide operational flexibility as the Denver market shows signs of rebalancing. The property, originally acquired by Bascom in 2018 for $92.5 million, has undergone various modernizations including pool enhancements and security upgrades. The refinancing comes amid a shifting Denver multifamily landscape where new supply deliveries have slowed to five-year lows, contributing to rising occupancy rates and stabilizing rent trends.
Topics: Denver real estate multifamily housing real estate investment refinancing