Klein Enterprises is a Baltimore-based, diversified commercial real estate firm. Opening its first retail center in 1948, this family-run business now has 4.5 million square feet of residential and commercial properties along the East Coast. With close to a $1 billion real estate portfolio, Daniel Klein, president of Klein Enterprises, needed a lender that could meet the company’s unique requirements.
Klein was introduced to Sandy Spring Bank through mutual connections almost 10 years ago. After learning more about the bank, he felt Klein Enterprises could grow significantly with Sandy Spring Bank. Together, Klein Enterprises and Sandy Spring Bank began a strong lending relationship.
“We spend a lot of time refinancing our assets each year, closing anywhere between five to 15 loans annually,” said Klein. “However, working with multiple lenders was becoming a huge drain on our organizational resources. We needed a single lender we could trust.”
Klein’s contact at Sandy Spring Bank listened to his concerns and suggested the company bulk refinance all its properties at once to save time and money. Together, Klein Enterprises and Sandy Spring Bank closed 12 loans in one day totaling $110 million in refinancing for 11 properties throughout Maryland and Virginia.
“It takes a high level of trust and confidence on both ends to close that many loans in a day,” stated Klein. “Sandy Spring Bank made me feel very comfortable with the process and assured me this would help Klein Enterprises continue to grow our portfolio along the East Coast.”
Klein also appreciated Sandy Spring Bank’s high level of customer service, despite the Bank’s substantial growth over the past 10 years.
“The Bank has always maintained its core values and community feel. While the size of business it can handle has grown significantly, the Bank is still easy to work with. There aren’t nearly as many layers of bureaucracy as with other banks I’ve used.”
Klein went on to say, “Everyone I’ve dealt with at Sandy Spring Bank has been high quality, many having worked at the Bank for years. This speaks strongly of Sandy Spring Bank’s corporate culture. It’s refreshing to know that the people I deal with today will be there tomorrow as well.”
To learn more about our commercial real estate solutions, give us a call at 866.867.1570.