BLAZING A PATH
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|And the path leads back to Denver—this time with the purchase of a value-add apartment tower. We chatted with Pathfinder Partners' Lorne Polger, who just partnered Bruckal Properties in the purchase of Wellshire Arms Apartments (being renamed The Wellshire), a 107-unit high-rise apartment at 2499 South Colorado Blvd. The deal was bought from long-time family ownership (mom-and-pop CRE building ownership is going the way of mom-and-pop shoe repair shops) with $10.5M in financing arranged by George Smith Partners' Malcolm Davies and Michelle Lee. The purchase price was undisclosed.|
|San Diego-based Pathfinder joined the Denver CRE game back in '09, buying an REO portfolio from the now-defunct FirsTier Bank. For Lorne, it was a homecoming of sorts: He lived in Denver from 1978 to 1985, graduating both from Cherry Creek in '80 and Colorado College in '84. Since then, Pathfinder bought other distressed and value-add assets in Denver, including most recently a seven-acre multifamily site in Broomfield (above). Lorne says though the type of product he buys is becoming more scarce in Denver (just blame our silly booming economy), Pathfinder sees opportunities with distressed office buildings as CMBS loans become available over the next year.|