Denver Investor Scores $90M Financing for 353-Unit Rental Asset
Price Brothers has refinanced Rye SoBo, a 353-unit luxury community in Denver. A Blackstone affiliate provided the $90 million, three-year bridge loan.
Multi-Housing News reports that previous financing included a $105 million loan issued by AEW Capital Management in 2022.
Delivered in 2021 at 290 W. Alameda Ave., the location offers several dining and retail options, a few blocks away along Alameda Avenue and South Broadway.
The unit mix at Rye SoBo includes studio, one- and two-bedroom floorplans ranging from 424 to 1,139 square feet. All apartments have in-unit washers and dryers, microwaves, digital locks and balconies or patios. Select apartments also have wine fridges.
Amenities include a two-story fitness center, a yoga studio, a business center, a clubhouse, a swimming pool and a rooftop terrace.
JLL’s Emily Goldberry, Cortney Cole and Leon McBroom led a team that helped with financing in the deal.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout