CBRE Global Real Estate Income Fund : Investment Management Closes $76 Million Mortgage Loan for 240-Unit Multifamily Community in Southern California
March 07, 2022 at 10:50 am EST
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A fund sponsored by CBRE Investment Management closed on a $76 million mortgage loan to finance 29th Street Capital's acquisition of Sunterra Apartments in Oceanside, Calif., 40 miles north of San Diego. The floating-rate loan has an initial term of three years, can extend up to an additional two years, and features future funding to finance the sponsor's business plan.
The garden-style property is located at 3851 Sherbourne Drive and includes 240 units that feature hardwood floors, stainless-steel appliances, washer/dryers in select units, and walk-in closets. Community amenities include a swimming pool, a fitness center, a lounge area with grilling stations, package lockers, two playgrounds, gated access and tenant parking garages.
"Our team was pleased to finance this transaction on behalf of a reputable repeat borrower that has extensive operating experience and deep local market expertise in San Diego County," said Charles Kim, Managing Director for CBRE Investment Management. "Given the limited residential supply in the Oceanside submarket and its proximity to nearby employment hubs, local beaches and multiple retail amenities, Sunterra Apartments has performed well historically. Seller-renovated units have resulted in strong rental premiums, and with the additional planned improvements, we believe that the new owners will continue to generate meaningful rent growth."
Mark Grace and John Montakab at Walker & Dunlop arranged the loan on behalf of 29th Street Capital, who continues to actively pursue acquisitions/developments in Southern California.
The property is well-located near College Boulevard, a main throughfare in Oceanside, providing excellent access to nearby employment hubs. The location also provides convenient access to nearby retail and entertainment amenities, including the Shoppes at Carlsbad, Camino Town & Country Shopping Mall, College Plaza Shopping Center and Legoland amusement/theme park.
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CBRE Clarion Global Real Estate Income Fund published this content on 07 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 March 2022 15:49:08 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.
CBRE GLOBAL REAL ESTATE INCOME FUND 