The Bascom Group Completes $62.5 Million Refinancing of Viceroy Observatory Park

The Bascom Group has successfully refinanced Viceroy Observatory Park, a 275-unit multifamily community in Denver, Colorado, with a $62.5 million loan from Prime Finance. The property, originally developed in 2018 and acquired by Bascom in May 2018 for $92.5 million, has undergone significant upgrades and modernizations since its acquisition. The property features units with 9' to 17' ceilings and includes a mix of 20% studios, 60% one-bedroom, and 20% two-bedroom units.

Viceroy Observatory Park is conveniently located just one block from the University of Denver and is centrally situated in Denver's major retail, restaurant, and employment centers. The property offers a range of amenities, including a pool and spa, a 2-story fitness center, an outdoor BBQ area and firepit, a coffee bar, a game room, a 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.

The property is part of Denver's multifamily market, which is showing signs of rebalancing. 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 remained 2.9% below the prior year.

While the capital markets environment presents current headwinds, this refinance demonstrates continued lender interest in high-quality, well-positioned assets.

Since the interest rate increases of 2022 and 2023, Bascom has continued to deploy capital, acquiring 16 multifamily communities totaling 3,718 units for more than $900 million. These acquisitions span properties built from the 1960s through 2024, reflecting Bascom's ability to identify opportunities across a wide range of investment strategies. 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 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. and was recognized as the state's largest multifamily owner in the early 2000s. Bascom has acquired 32 properties consisting of 11,082 units in Colorado, with a total capitalization of $1.3 billion.