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."

The 12-property multifamily portfolio has roughly 3,000 units and is 93% occupied. BH Properties secured the $97 million credit facility to replace an amalgam of smaller loans with various vendors. The remaining five-property office and retail portfolio totals 231,000 square feet and is 60% occupied. BH Properties secured a semi-permanent bridge loan for the acquisition of the portfolio, which the investor purchased out of foreclosure from a special servicer. The properties, which are located in California, Tennessee and Florida, include 65,930-square-foot St. Cloud, 4257 W. 13th St., Saint Cloud, FL; 54,276-square-foot Goethe Road, 9835 Goethe Rd Sacramento, CA; 45,975-square-foot Aerofund Financial Plaza, 4025 Camino Del Rio S San Diego, CA; 32,674-square-foot Bicentennial Way, 600 Bicentennial Way Santa Rosa, CA; 32,000-square-foot Shops at Enon Springs, 496-538 Enon Springs Road, Smyrna, TN.

BH Properties will employ a value-add strategy in the latter portfolio, as is typical for its investment strategy. The investor has had a busy acquisition year. In August, the company reported that its 2Q15 acquisitions totaled $120 million and 2.97 million square feet. That was a record for the company, which still planned to acquire an additional 1.5 million square feet in retail, office and industrial properties this year, as this recent transaction illustrates.