CBRE Global Real Estate Income Fund : Investment Management Closes $60.3 Million Mortgage Loan for 270-Unit Multifamily Community in Washington State
February 03, 2022
Share
A fund sponsored by CBRE Investment Management closed on a $60.3millionmortgage loan to finance SB Real Estate Partners' and Marble Partners' acquisition of Bridge Creek Apartments in Vancouver, Wash. The 270-unit multifamily property is located 13 miles north of Portland, Ore. The floating rate loan has an initial term of three years and can extend up to an additional two years.
The garden-style property is located at 9211 NE 14th Avenue and includes a mix of one-to three-bedroom units. Community amenities include a swimming pool, a fitness center, a business center, a playground area for children, and a dog park.
"This deal afforded our team an opportunity to lend at an attractive basis in one of the country's strongest-performing apartment markets, which we believe will continue to see strong rent growth in the future," said Nick Ito, Managing Director of CBRE Investment Management. "We are pleased to have worked with SB Real Estate Partners and Marble Partners, and our team looks forward to watching as they execute their business plan at this asset."
Charles Halladay and Rick Salinas at JLL arranged the loan on behalf of the sponsors.
Bridge Creek is located near Interstate 5 and Highway205,providing connectivity to the broader Portland MSA and excellent access to major employment hubs. Notable employers in the area include University of Washington, Legacy Salmon Creek Medical Center and Peace Health Southwest Medical Center.
Attachments
Original Link
Original Document
Permalink
Disclaimer
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 19 February 2022 00:50:08 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.