Texas CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
CBRE Fund’s $65M Loan Facilitates Bellrock Summer Street Buy
A fund sponsored by CBRE Global Investors recently 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 St., Bellrock Summer Street, formerly known as Broadstone Summer Street, was delivered in late 2019. Numerous community amenities include grilling stations, rooftop terrace, theater room, 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.
Hank Glasgow and Braden Harmon of Newmark arranged the loan on behalf of Bellrock.
- ◦Sale/Acquisition
