Pensam Recapitalizes Denver Apartments for $69M
The firm has closed a preferred equity investment to facilitate the $69 million recapitalization of Loft 9, a 418-unit apartment community in Denver.
Pensam Residential has closed a preferred equity investment to facilitate the $69 million recapitalization of Loft 9, a 418-unit apartment community in Denver.
Pensam’s investment was structured behind Fannie Mae senior financing and proceeds from the senior loan and Pensam’s preferred equity investment were used to payoff existing bridge financing and restructure the capital stack.
Loft 9 was built between in 1975 and 1979 and consists of studio, one- and two-bedroom apartment homes ranging from 650 square feet to 1,000 square feet. Units feature gourmet kitchens with energy-efficient appliances, spacious bedrooms with walk-in closets and expansive patios/balconies.