Blackstone Unit Lends $90M for Denver Luxury Community
The loan will come due in 2029.
Price Brothers has refinanced Rye SoBo, a 353-unit luxury community in Denver. Public records show Blackstone Real Estate Debt Strategies provided the $90 million, three-year bridge loan. JLL Capital Markets arranged the floating-rate note.
Previous financing included a $105 million loan issued by AEW Capital Management in 2022, according to Yardi Matrix information. That note reached maturity in March.
The community came online in 2021 at 290 W. Alameda Ave. Several dining and retail options are a few blocks away along Alameda Avenue and South Broadway, while multiple parks are west of the community. The property is just off Interstate 25, having easy access to downtown Denver.
The unit mix at Rye SoBo includes studio, one- and two-bedroom floorplans ranging from 424 to 1,139 square feet. All apartments have in-unit washers and dryers, microwaves, digital locks and balconies or patios. Select apartments also have wine fridges.
The pet-friendly property comprises a two-story fitness center, yoga studio, business center, clubhouse, swimming pool and rooftop terrace, among other top multifamily amenities. Moreover, Rye SoBo features a 465-space parking structure and EV charging stations.
JLL Vice President Emily Goldberry together with Managing Directors Cortney Cole and Leon McBroom led the Capital Markets team in the deal.
