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Pathfinder Closes Two Denver Acquisitions: Grant Street Mansion and Blake 27 Condos

Pathfinder Closes Two Denver Acquisitions: Grant Street Mansion and Blake 27 Condos

February 2, 2012

Denver, CO – San Diego-based Pathfinder Partners, LLC has closed two more transactions in Denver, purchasing the Grant Street Mansion, a 23,000-square-foot, historic office building located near Capitol Hill at 1115 Grant Street, as well as 11 remaining unsold townhomes within the 24-unit, Blake 27 project at 2708 Blake St. in the Ballpark District. These latest transactions bring Pathfinder’s total Denver area acquisitions to six.

Acquired through a foreclosure sale for $1.4 million, Grant Street Mansion – a former residence built in 1892 and renovated in 2005 – features late Victorian Era, Queen Anne-style architecture with ornate embellishments, milled woodwork and quarter-sewn oak. The mansion contains 33 converted office suites within a four-story main house and four office suites within a two-story carriage house. Two noted, turn-of-the-century architects, Erasmus Theodore Carr and William Pratt Feth, designed the original residence. Denver-based NAI Shames Makovsky is handling leasing and property management. For information regarding Grant Street Mansion and suite availability, call Shames Makovsky’s Cody Bishop at (303) 565-3042.

According to Lorne Polger, senior managing director of Pathfinder, which specializes in making opportunistic investments in distressed real estate assets and defaulted loans, Pathfinder will immediately begin a capital improvement program to the Grant Street property, including replacing the roofs and flooring.

Working with Denver-based operator Craft Delay, Pathfinder also acquired a portion of Blake 27, a modern loft -style, urban multifamily project completed in 2006 and featuring a mix of townhomes with unique interior access rooftop decks overlooking downtown, Coors Field and the Rocky Mountains. The 11 units acquired range from 1,298 to 1,954 square feet (average of 1,755 square feet). Four are two-bedroom/2.5-bathroom units and seven are three-bedroom/3.5-bathroom units. The average selling price of the previously sold units is $511,000 and Pathfinder/Craft Delay plan to price the 11 units from $319,000. For information on Blake 27 condominiums, visit www.blake27.com.

“These very special properties reflect Pathfinder’s bullish outlook for Denver and are consistent with our strategy to acquire properties at well below peak market pricing,” Polger said. Recent Pathfinder acquisitions in the region include Hunter’s Chase, a 20-unit condominium project in Parker, Colo. and a portfolio of condominiums and land in and around Denver.

For information on Blake 27 condominiums, visit www.blake27.com.

About Pathfinder Partners, LLC
Headquartered in San Diego, Pathfinder Partners was founded by Lorne Polger and Mitch Siegler in 2006 to make opportunistic investments in distressed real estate assets and defaulted loans, with a focus on multifamily real estate projects. In addition to seeking opportunities to add value by providing liquidity to selling financial institutions, Pathfinder also seeks to maximize value through property enhancements, improvements in operations, marketing and property positioning and other strategies. For more information, visit www.pathfinderfunds.com or contact Lorne Polger at 858-625-5285.

About Craft Delay
Headquartered in Denver, Craft Delay is a real estate development, management and acquisition firm. For more information, visit www.craftdelay.com or contact Tim Craft at (303) 601-5188.