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Follow on Google News | Mesa West Capital Provides $46.8 Million Loan for Acquisition of Denver Apartment CommunityBy: Mesa West Capital A portion of the three-year, non-recourse financing will be used to help Bascom implement its value-add investment strategy, repositioning the asset as a luxurious, yet affordable rental community, according to Mesa West Principal Steve Fried who headed the origination along with Associate Seth Hall. “Mesa West has been actively financing multifamily properties as it is a product type we like,” said Fried. “Bas com has the experience and wherewithal to unlock the underperforming property’s significant upside potential and narrow the current rent gap with competing properties in this exciting market.” The multimillion renovation program will include new paint, stainless steel appliances, faux wood plank flooring, crown molding and washer and dryers in units along with significant upgrades to building exteriors, clubhouse, and pool and BBQ area. Constructed in 1980 and renovated in 2009, the property features a mix of studio, one- and two-bedroom floor plans within four seven-story buildings. Property amenities include two pools, media room/business center, two fitness centers, racquetball, tennis and basketball courts, outdoor dining terrace and dog park. It is located adjacent to the Nine Mile Light Rail station. The financing was arranged by Brian Eisendrath of CBRE Los Angeles. About Mesa West Capital, LLC Mesa West Capital (www.mesawestcapital.com) End
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