Bellrock Real Estate Partners Takes Ownership of Bellrock Summer Street
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. Units at the five-story property feature 10-foot ceilings, full-sized washers and dryers, and private patios/balconies in select units. Community amenities include a rooftop terrace, fitness center, resident lounge, game room, theater room 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 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.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.