New Funding Allows for Purchase of Property as Well as Interior and Exterior Upgrades.
Pembrook Capital Management, LLC (Pembrook), a commercial real estate investment manager that provides financing throughout the capital structure including first mortgages, mezzanine, bridge loans, note financings, and preferred equity for most property types, announced the closing of an $18.577 million bridge loan to facilitate the acquisition of Mountain Vista, a 98% occupied, 257-unit multifamily property located in Lakewood, Colorado, a submarket of Denver.
The funding from Pembrook will allow the buyer to acquire the property and complete interior renovations to the apartment units. In addition, the buyer will also be able to finalize exterior renovations that include clubhouse/office construction, roof replacements, repairs to stair landings and catwalks, asphalt repairs, clubhouse equipment/furniture, and exterior paint.
Mountain Vista, located at 434-485 S. Wright Street, consists of two multifamily communities that include Alpine Mountain Vista, a 137-unit garden property that features four two-story buildings and Green Mountain Vista, a 120-unit garden property comprised of three two-story buildings.
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The property offers an excellent location for residents with proximity to major employment centers throughout the region including the Denver Federal Center, the largest concentration of federal offices outside of Washington D.C., and the new Saint Anthony Central Hospital. Additionally the property has easy access to Federal Center Light Rail Station, the Belmar Redevelopment (retail center and master planned community), downtown Denver, and the Southeast Business Corridor.
The property also has excellent access to nearby recreational amenities and hiking trails, including Green Mountain Open Space, Matthews Winters Park, Dakota Ridge Trail and the world-renowned Red Rocks Amphitheatre.
“Pembrook continues to focus on providing financing for experienced sponsors looking to acquire assets in markets poised for expansion,” said Stuart J. Boesky, CEO of Pembrook. “Mountain Vista fit the bill, as this property is situated in an excellent location with anticipated growth as the local Denver job market continues to improve. We are pleased to be the lender of record on this transaction.”
Pembrook works with real estate developers and investors to deliver financing for new construction, acquisition, and repositioning, focusing on primary and secondary markets with high barriers to entry. Since inception, Pembrook has originated or participated in over 60 investments totaling in excess of $650 million.