16 Penn Senior Residences
Denver, CO
Property Type
Other
Transaction Details
$23,600,000 Bridge
Transaction Name
16 Penn Senior Residences
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.