South Main Building Locks in Refi of Nearly $40M

A fund sponsored by CBRE Global Investors recently closed on a $39.5 mortgage loan to refinance a 186-unit class-A apartment complex, South Main Building, in Houston. The asset is owned and developed by Allen Harrison, a Houston-based real estate company focused on the acquisition and development of multifamily properties in Texas. The floating rate loan has an initial term of three years, which can extend up to two additional years.

Located at 7557 Main St., South Main was built in 2019 and is one mile south of the Texas Medical Center. It was 99 percent leased as of June 2021.

“We believe that this was an attractive opportunity to lend to a well-respected developer on a high-quality asset that has an underlying credit profile consistent with our fund’s investment themes,” said Michelle Liu, managing director for CBRE Global Investors. “South Main was able to sustain strong leasing despite the challenges and uncertainty of the COVID-19 pandemic and we believe that demand will continue to grow due to the property’s proximity to the Texas Medical Center.”  

A JLL capital markets team led by Mark Brandenburg sourced the refinancing on behalf of the borrower.