November 6, 2019
Besyata Investment Group obtained financing totaling $69 million to refinance the 418-unit Loft 9 apartment complex in Denver. The finance package consisted of a $52.5 million Fannie Mae-backed loan, with the remainder consisting of a preferred equity investment by Pensam and the ownership’s own equity.
The New York sponsor acquired Loft 9, at 11100 E. Dartmouth Ave., in 2018 for $59 million. According to media reports, Besyata will use the monies to refinance the acquisition loan used for purchase. Loft 9 was built between 1975 and 1979 and consists of studio, one- and two-bedroom units ranging from 650 to 1,000 square feet. Community amenities include a fitness center, resort-style swimming pool, clubhouse with business center, and a barbecue and picnic area.
“This marks Pensam’s third preferred equity investment in Denver, where a surge in high-paying jobs has helped boost multifamily demand and accelerate rent growth,” said Pensam’s Mike Stein.
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