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BH Properties Closes $59M Refinancing

BEVERLY HILLS, CA-The privately held investment firm arranges the loan with Wells Fargo for a 12-property portfolio of retail, warehouse and office space in eight states.

By Bob Howard | Updated on May 17, 2009

BEVERLY HILLS, CA-Privately held investment firm BH Properties LLC has closed a $59 million loan with Wells Fargo to refinance a 12-property portfolio of retail, warehouse and office space in eight states. Considering today’s difficult lending conditions and the relatively few deals of this size that have been closing lately, BH Properties EVP Steve Jaffe observes that, “Two years ago a loan like this wouldn’t have merited much notice.”

But the loan is especially noteworthy in today’s capital markets environment, Jaffe points out. He cites today’s “liquidity-starved market” and says that the financing “underscores the value of our banking relationship with Wells Fargo” as well as the bank’s ongoing commitment to real estate.

The financing is for two years with a one-year extension option. Todd Popovich, a senior vice president with Wells Fargo’s Real Estate Banking Group, notes that BH has been a client of the bank for many years. “We see our role in their company growth as more of a partnership than a typical lender-borrower relationship,” he says.

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