Bellrock Real Estate Partners Acquires 375-Unit Multifamily Property In Houston For $64.7M
FINANCED
$64,700,000
Texas
See Similar DealsMultiFamily1,265 SF
Financed 08/30/2021
FINANCED
Bellrock Real Estate Partners Acquires 375-Unit Multifamily Property In Houston For $64.7M
3030 Summer Street, Houston, TX 77007, USA
See Similar DealsMultiFamily1,265 SF
Financed 08/30/2021
Summary
TEXAS
Asset Type:MultiFamily
Price Per Square Foot:$51,146
Total Square Footage:1,265 SF
Transaction Type:Loan
Bellrock Real Estate Partners has acquired a multifamily property located at 3030 Summer St in Houston. The property consists of 375 units and was sold for an undisclosed amount. The transaction took place on August 30, 2021.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: Undisclosed
- Address: 3030 Summer St, Houston
- Market: Houston
- Units: 375
The acquisition was financed through a loan provided by CBRE Global Investors. Charles Kim, representing CBRE Global Investors, facilitated the loan agreement. The loan amount was $64,700,000. It was an acquisition loan with a floating rate and an initial term of three years. The loan can be extended for an additional two years if needed.
Hank Glasgow and Braden Harmon, from Newmark, served as the brokers for this transaction.
Players
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$64,700,000.00
Monthly NOI$431,333.33
Monthly Debt Service$408,948.01
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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