CBRE Investment Management Closes $25.3 Million Mortgage Loan for 114-Unit Multifamily Community in Phoenix
February 4, 2022
A fund sponsored by CBRE Investment Management closed on a $25.3 million mortgage loan to finance SB Real Estate Partners’ acquisition of Bloom 24 Apartments in Phoenix. The multifamily property is in the Northeast submarket of Phoenix and includes 114 units. The floating rate loan has an initial term of three years and can extend up to an additional two years.
The garden-style property, which will be renamed to Portola Biltmore, is located at 2323 East Flower Street and includes a mix of one- and two-bedroom units. Community amenities include a swimming pool, a fitness center, a business center, a playground area for children, and a dog park.
“We are pleased to have partnered with SB Real Estate Partners, who have deep experience in the Phoenix multifamily market. Considering the sponsor’s targeted capital improvement plan coupled with the area’s central location, we believe that this is a solid investment for our platform,” said Nick Ito, Managing Director of CBRE Investment Management.
Charles Halladay and Rick Salinas at JLL arranged the loan on behalf of the sponsors.
Bloom 24 is located near SR-51 and Interstate 10, providing connectivity to the broader Phoenix MSA and excellent access to major employment hubs. Notable employers in the area include Cisco, Accenture, Wells Fargo, Uber, and Banner Health.
CBRE Investment Management is a leading global real assets investment management firm with $146.9 billion in assets under management* as of June 30, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management 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 Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.