FORT MYERS, FLORIDA, UNITED STATES , May 8, 2019 /EINPresswire.com/ -- FORT MYERS, Florida—May 8, 2019, 2019--BH Properties, a privately held, national real estate investment firm based in Los Angeles, has closed a $30 million, 99-year ground lease in 10 days. The ground lease, which was part of the capital stack which included leasehold debt in the amount of $24.2 million provided by Fannie Mae, will facilitate the $62 million purchase of a recently stabilized, 298-unit multi-family project in Fort Myers, Florida.
“This deal, from its beginning and acceptance of our LOI, was closed in 10 business days, which for us, was a record in a transaction like this,” said John Crump, BH Properties’ managing director of finance. Bill Hughes, who was the ground lease consultant, said this transaction solidifies BH Properties position in the net leased market and confirms the company’s ability to make timely decisions, provide flexibility and accommodate the needs of most leasehold lenders.
The company has transacted in approximately $2 Billion Acquisition and Disposition and closed on the transaction in as quick as 48 hours. “While we don’t look to close every transaction in two weeks, our team has the experience, skill set and commitment to make a deal happen and close with amazing speed as we remain committed to expanding our presence in the net leased space,” said BH Properties President and Founder Steve Gozini.
BH Properties, which in addition to its headquarters in Los Angeles, CA, has offices in Phoenix, Arizona.
About BH Properties
BH Properties is a proven leader in commercial real estate investing. The company owns approximately 100 properties in 17 states, operates and re-positions “value-add” real estate across the country. Over the past two decades, BH Properties has developed its own distinctive commercial real estate investing strategies that have proven equally beneficial to sellers of real property by swiftly acquiring properties as fast as 48 hours. For the latest news from BH Properties, please visit us at https://bhproperties.com/
BH Properties Closes $30 Million Florida Ground Lease Transaction in 10 Days
May 08, 2019 at 15:52 PM EDT