BH Properties Hires Former Fortress Exec, Targets Distressed Loan Purchases

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BH Properties has hired Rowan Sbaiti as senior managing director of acquisitions, the firm announced today. The hiring is part of a bigger plan to start purchasing distressed assets and loans. 

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The L.A.-based firm — led by real estate entrepreneur Steve Gozini — intends to snap up senior mortgages, mezzanine loans, B-notes and controlling participations secured by fee-simple, leasehold interests and long-term leases on all major property types. BH Properties will focus primarily on Western U.S. markets and the investments pursued will range from $5 million to $150 million.

Previously, Sbaiti was a vice president at Fortress Investment Group, where he focused on both the acquisition and workout of distressed assets and non-performing loans during his nine-year tenure. 

Sbaiti was initially tapped to lead BH Properties’ ground lease practice and to source other value-add opportunities. Then the coronavirus pandemic hit. 

“Our initial introduction to Rowan pre-dated to late 2019 as we looked to expand our investment platform,” BH president Jim Brooks said in prepared remarks. “After several months of discussion and prior to the current environment, we were fortunate to have him join the firm. Now with a changing landscape, his broad skill set will be further expanded.”  

Sbaiti will work alongside Andrew Van Tuyle, BH Properties’ managing director of senior investments. 

“BH Properties is well-capitalized and not reliant on third-party investors,” Sbaiti said.  “This gives us the speed and flexibility to close quickly and provide sellers with the immediate and near-term liquidity they need to survive these troubling times.”