CBRE Global Real Estate Income Fund : Investment Management Closes $25.3 Million Mortgage Loan for 114-Unit Multifamily Community in Phoenix
February 03, 2022
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A fund sponsored by CBRE Investment Management closed on a $25.3 million mortgage loan to finance SB Real Estate Partners' acquisition of Bloom 24 Apartments in Phoenix. The multifamily property is in the Northeast submarket of Phoenix and includes 114 units. The floating rate loan has an initial term of three years and can extend up to an additional two years.
The garden-style property, which will be renamed to Portola Biltmore, is located at 2323 East Flower Street and includes a mix of one- and two-bedroom units. Community amenities include a swimming pool, a fitness center, a business center, a playground area for children, and a dog park.
"We are pleased to have partnered with SB Real Estate Partners, who have deep experience in the Phoenix multifamily market. Considering the sponsor's targeted capital improvement plan coupled with the area's central location, we believe that this is a solid investment for our platform," said Nick Ito, Managing Director of CBRE Investment Management.
Charles Halladay and Rick Salinas at JLL arranged the loan on behalf of the sponsors.
Bloom 24 is located near SR-51 and Interstate 10, providing connectivity to the broader Phoenix MSA and excellent access to major employment hubs. Notable employers in the area include Cisco, Accenture, Wells Fargo, Uber, and Banner Health.
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CBRE Clarion Global Real Estate Income Fund published this content on 04 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2022 17:11:03 UTC.
CBRE Global Real Estate Income Fund (the Trust) is a diversified, closed-end management investment company. The Trustâs primary objective is high current income, and its secondary objective is capital appreciation. It invests globally with an emphasis on the income-producing common equity and preferred stocks of real estate companies. It can invest up to 25% of its assets in preferred shares of global real estate companies. The Trust invests in Real Estate Equity Securities where dividend distributions are subject to withholding taxes as determined by United States tax treaties with respective individual foreign countries. The Trust may invest up to 20% of its total assets in preferred securities that are rated below investment grade. Its portfolio of investments includes residential, industrial, data centers, malls, health care, office, towers, shopping centers, hotels, and self-storage. CBRE Investment Management Listed Real Assets LLC is the investment adviser of the Trust.