December 14, 2018
Prime Rate
5.25%
2.46%
2.89%
2.92%
Photo of 16 Penn Senior Residences
Property Type
Other
Transaction Details

$23,600,000 Bridge

Transaction Name
16 Penn Senior Residences
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Transaction Details

Essex Financial Group arranged a $23.6 million loan for a newly constructed apartment property called 16 Penn in Denver, CO. The 99 unit Age Restricted (55+) property had just started leasing at the time of closing and Michael Salzman arranged the loan with non-recourse terms even though the asset was not yet stabilized.