BH Properties Frees Up Borrowing Capacity

LOS ANGELES—BH Properties has refinanced a 17-property portfolio for $110 million with Bank of America Merrill Lynch, GlobeSt.com has learned exclusively. The investor secured a $97 million credit facility for 12 multifamily properties in Arizona and a $13 million senior loan for a five-property office and retail portfolio in California, Tennessee and Florida. According to the investor, the funds will help position the investor to act on acquisition opportunities.

“This was an important refinance for us because it frees up borrowing capacity and allows us to pursue more opportunistic acquisitions,” Tye Palonen, director of finance at BH Properties, tells GlobeSt.com. “Bank of America Merrill Lynch was able to see the underlying value of the assets and still consider the value-appreciation play. It’s always a pleasure working with a lender that is able to understand our vision.”