Bascom Group Secures $62.5M Refinancing for Denver Asset

DENVER — The Bascom Group has completed a $62.5 million refinancing of Viceroy Observatory Park, a 275-unit property less than half a mile north of the University of Denver. The property was acquired by Bascom in May 2018, the year it was developed, for $92.5 million. Jamie Kline and Kyle White of JLL arranged the financing, with Shawn Cully and Roy Bezkostny of Prime Finance providing the loan. AMC is the property manager. Units are offered as studios, one- and two-bedroom floor plans, and amenities feature a pool and hot tub, two-story fitness center, outdoor grilling area and firepit, coffee bar, game room, dog wash station, bike storage and mountain and Denver skyline views. Since buying the community, Bascom has updated the pool area, enhanced security and exterior lighting, added Nest thermostats and upgraded interior closets. Mill Creek Residential developed the asset.