“This was an important financing for us as it will increase our ability to more effectively pursue opportunistic acquisitions,” said Tye Palonen, director of finance at BH Properties. “New York Life Real Estate Investors was able to see the underlying value of the assets and still consider the value-appreciation play.”

Last month, Globest.com exclusively reported that BH Properties sold $211 million in industrial, office, retail and multifamily assets across the United States.

NEW YORK CITY—BH Properties of Los Angeles has secured $252.8 million in financing from New York Life Real Estate Investors in connection with last year's purchase of three hotel ground leases here.

The financing is a cross-collateralized, 25-year facility made to affiliates of BH Properties, which acquired the leased-fee positions in September 2016.

Globest.com exclusively reported on the purchase deal valued at $338 million for the three-leased fee positions under three hotels here that were owned Lexington Realty Trust.

The positions sit under The Element hotel at 311 W. 39th St., in Midtown and—in Lower Manhattan—the Sheraton Tribeca at 370 Canal St. and a Doubletree Hotel at 8 Stone St., according to the Globest.com report.

“This was an important financing for us as it will increase our ability to more effectively pursue opportunistic acquisitions,” said Tye Palonen, director of finance at BH Properties. “New York Life Real Estate Investors was able to see the underlying value of the assets and still consider the value-appreciation play.”

Last month, Globest.com exclusively reported that BH Properties sold $211 million in industrial, office, retail and multifamily assets across the United States.