The Bascom Group Completes $62.5 Million Refinancing of Viceroy Observatory Park in Denver, CO

IRVINE, Calif., Nov. 6, 2026 /PRNewswire/ -- The Bascom Group, LLC ("Bascom") has completed a $62.5 million refinancing of Viceroy Observatory Park, a 275-unit multifamily community located in Denver, Colorado. The property was acquired by Bascom in May 2018, for $92.5 million.

Jamie Kline and Kyle White of JLL arranged the financing, with Shawn Cully and Roy Bezkostny of Prime Finance providing the $62.5 million loan. AMC will continue to provide property management services for the community with SD-Cap overseeing property renovations and upgrades.

Originally developed in 2018, Viceroy Observatory Park is an exceptionally well-built property by Mill Creek Residential, a renowned national developer. The property was constructed with high-end materials throughout the units and common areas. Units feature 9' – 17' ceilings and are designed with superior finishes such as quartz countertops, custom tile backsplashes, stainless steel appliances, internal speaker systems, and custom closets. The property consists of 20% studios, 60% one-bedroom, and 20% two-bedroom units providing a strong mix of unit plan options. Viceroy Observatory Park features top of the line community amenities with a pool and spa, 2-story fitness center, outdoor BBQ area and firepit, coffee bar, game room, dog wash station, bike storage, and mountain and Denver skyline views. Since acquisition, Bascom has modernized the pool area, enhanced security and exterior lighting, added Nest thermostats, and upgraded interior closets.

Located just one block from the University of Denver and centrally located in Denver's major retail, restaurants and employment centers, Viceroy Observatory Park offers residents superior amenities and location. Denver's primary employment centers are within a 30-minute commute, including Downtown Denver, Denver Tech Center, Inverness Business Park and Meridian International Business Center.

Bascom conducted a competitive process for the refinance of Viceroy Observatory Park. The refinance replaces a loan that matured in October 2026 with a new two-year initial term and three additional one-year extension options. The financing materially reduces near-term maturity risk and provides additional time for Denver operating fundamentals and property values to recover.

Denver's multifamily market is showing signs of rebalancing as new supply deliveries slow and renter demand continues to absorb recently completed inventory. According to CBRE's third-quarter 2026 market report, trailing 12-month net absorption totaled 7,346 units, compared with 6,481 completions. Just 1,290 units were completed during the quarter, the lowest quarterly total in five years. Average occupancy was 93.9%, up 40 basis points year over year. Denver's average rent per unit increased 0.6% quarter over quarter, marking a second consecutive quarterly increase, but remaining 2.9% below the prior year. The refinancing provides Bascom with additional time and flexibility to operate the property through the current market cycle while maintaining a focus on long-term asset performance.

"While there are current headwinds in the capital markets environment, this refinance demonstrates continued lender interest in high-quality, well-positioned assets. We appreciate the efforts of the JLL Capital Markets team and are excited to continue executing the business plan for the asset" said Jim Singleton, Senior Vice President and Principal of Acquisitions for Bascom.

Paul Zakhary, Principal at Bascom, added, "Denver fundamentals are showing early signs of recovery which are reflected in Viceroy's recent leasing and operational improvements. We have the right team in place to navigate the current market cycle and capitalize as demand strengthens throughout the metro."

While many institutional buyers have remained on the sidelines during the multifamily pricing reset following the interest rate increases of 2022 and 2023, Bascom has continued to deploy capital. Since interest rates began rising, Bascom has acquired 16 multifamily communities totaling 3,718 units for more than $900 million. Those acquisitions span properties built from the 1960s through 2024, reflecting Bascom's ability to identify opportunities across a wide range of investment strategies. Basom has been exceptionally active in the Colorado market over the past 18 years and was recognized as the state's largest multifamily owner in the early 2000's. Bascom has acquired 32 properties consisting of 11,082 units in Colorado, with a total capitalization of $1.3 billion.

About Bascom: The Bascom Group, LLC is a minority-owned private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Derek Chen, Jerry Fink, and David Kim, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $23.0 billion in multifamily value-added transactions encompassing 368 multifamily properties and over 94,272 units. Bascom's commercial transaction volume is $5.8 billion in total and amounts to over 23.4 million square feet. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, Realm Group, Consolidated Real Estate Strategies, Meridian Bascom Ventures, and BG Pearce. Bascom's subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S. For additional information, please visit bascomgroup.com.

Contact: Jim Singleton / Scott McClave
Tel: (949) 955-0888 ext. 116 / (949) 955-0888 ext. 112
Email: [email protected] / [email protected]

SOURCE The Bascom Group