Opus Bank is pleased to announce it provided:

Title: Bridge Loan
Amount: $12,535,000
Month: October
Year: 2016

Bridge Loan

Opus Bank’s Structured Finance division provides a $12,535,000 bridge loan to finance the acquisition and renovation of a 108-unit multifamily building in Federal Way, WA

Deal Summary:

Opus Bank (“Opus”) provided a $12,535,000 bridge loan to finance the acquisition and renovation of an existing 108-unit apartment building. The sponsors are highly experienced, value-add investors, specializing in the multifamily market. This is a well located property in a stable suburban neighborhood.

Opportunity:

The business plan includes interior renovation of all units, curing deferred maintenance, and raising rents to market rates. The acquisition included the use of 1031 exchange funds.

Opus Solution:

Opus successfully closed the loan on time, which was critical given the 1031 exchange and the required purchase time frames. Opus was able to look past the current income and underwrite the projected, stabilized income at the property. The initial funding was approximately $11,925,000, or 75% of the purchase price. Future renovation funding of $610,000 is available via monthly draws. When fully funded and stabilized, the Opus loan will represent approximately 75% Loan to Cost and 70% Loan to Value.

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