A fund sponsored by CBRE Global Investors has closed on a $64.7m 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 Street, 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-size washers and dryers, wooden plank-style flooring, stainless-steel appliances, walk-in closets, quartz countertops, and private patios/balconies in select units. Community amenities include grilling stations, a swimming pool, rooftop terrace, 24-hour fitness center, resident lounge, game room, theatre room, pet run, 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. “We were pleased to have worked with both Newmark and the partners at Bellrock on this deal. 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.
Bellrock Summer Street is situated immediately south of Interstate 10, providing convenient access to the Houston CBD and the Galleria. The asset is also close to four grocery-anchored retail centers and the Washington Heights Corridor, which features several restaurants, bars and entertainment amenities. George Bush International Airport and Hobby Airport are both within a 30-minute drive of the property