DENVER, CO – July 2, 2021 – Berkadia today announced the $39 million sale of and $32 million in financing secured for 16 Penn, a 99-unit midrise multifamily property in Denver, Colorado. Senior Directors Nick Steele and John Laratta, Director Tyler King and Associate Director Nate Moyer of Berkadia Denver completed the sale on behalf of the seller, Denver-based The Burgwyn Company LLC. The buyer was an undisclosed entity, and the deal closed on June 30.
“This was a challenging assignment,” said King. “The property was originally developed as an active adult community, but the pandemic necessitated a change in the business model to a conventional apartment community during a tumultuous time in urban cores around the country. Despite the moving parts, we were able to garner significant interest in the asset. Ultimately, 16 Penn is a bet on Denver’s urban core. We are excited to see what new ownership does with the property.”
Managing Director Matt Schildwachter, also of Berkadia Denver, secured the four-year interest only bridge loan financing at 75 percent of total costs on behalf of the buyer.
“16 Penn is in a great infill location that garnered strong interest from a wide range of capital sources,” said Schildwachter.
Located at 1615 Pennsylvania St., 16 Penn features one- and two-bedroom floor plans with in-unit washers and dryers and private balconies. Community amenities include a fitness studio, a media room, a community kitchen, a courtyard with a fireplace and grills and a library. Residents are afforded convenient access to Interstate 25 and the dining and shopping along E Colfax Avenue.