HUSTON, TX – Bellrock Real Estate Partners received a $ 64.7 million mortgage to acquire a 375-unit residential complex in Houston, Texas.
The fund, sponsored by CBRE Global Investors, closed the loan to facilitate the acquisition. Hank Glasgow and Braden Harmon of Newmark arranged the loan on behalf of Bellrock Real Estate Partners. The initial term of the floating rate loan is three years, which can be extended for another two years.
The acquired property, Bellrock Summer Street, formerly known as Broadstone Summer Street, is located at 3030 Summer St., immediately south of Interstate 10.
The five-story complex, completed at the end of 2019, includes a swimming pool, rooftop terrace, 24-hour fitness center, living room, games room, theater room, grill areas, pet track, pet washing station and secure parking … garage with charging stations for electric vehicles.
Residential buildings have 10-foot ceilings, washers and dryers, wood plank floors, stainless steel appliances, walk-in closets, quartz countertops, and private patios and balconies in some apartments.
Bellrock Summer Street has been robust throughout the COVID-19 pandemic with high rental activity over the past 18 months, says Charles Kim, managing director of CBRE Global Investors. “We believe the demand for this type of high quality community in Houston will continue to grow, especially as the economy continues to recover from the pandemic.”
Kim adds: “We were delighted to be working on this deal with both Newmark and Bellrock partners. We believe the new owner will continue to drive a stabilization shift in leases. ”