Houston

CBRE Global Investors Closes $64.7 Million Mortgage Loan for 375-Unit Residential Community in Houston

31 Aug 2021

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Senior Director, Corporate Communications

A fund sponsored by CBRE Global Investors closed on a $64.7 mortgage loan to facilitate Bellrock Real Estate Partners’ acquisition of Bellrock Summer Street, a 375-unit residential property in Houston. The floating rate loan has an initial term of three years and can extend up to an additional two years.

Located at 3030 Summer Street, Bellrock Summer Street, formerly known as Broadstone Summer Street, was delivered in late 2019. Units at the five-story property feature 10-foot ceilings, full-size washers and dryers, wooden plank-style flooring, stainless-steel appliances, walk-in closets, quartz countertops, and private patios/balconies in select units. Community amenities include grilling stations, a swimming pool, rooftop terrace, 24-hour fitness center, resident lounge, game room, theatre room, pet run, pet washing station, and secured parking garage with EV charging stations.

“Bellrock Summer Street has been resilient throughout the COVID-19 pandemic, posting strong leasing activity over the past 18 months. We believe that demand for this type of high-quality community in Houston will keep increasing, especially as the economy continues its recovery from the pandemic,” said Charles Kim, Managing Director for CBRE Global Investors. “We were pleased to have worked with both Newmark and the partners at Bellrock on this deal. We believe that the new ownership will continue to drive leasing at the property towards stabilization.”

Hank Glasgow and Braden Harmon of Newmark arranged the loan on behalf of Bellrock.

Bellrock Summer Street is situated immediately south of Interstate 10, providing convenient access to the Houston CBD and the Galleria. The asset is also close to four grocery-anchored retail centers and the Washington Heights Corridor, which features several restaurants, bars and entertainment amenities. George Bush International Airport and Hobby Airport are both within a 30-minute drive of the property.

About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $129.1 billion in assets under management* as of June 30, 2021. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.

CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.