Opus Bank is pleased to announce it provided:
- Title: Bridge Loan
- Amount: $12,535,000
- Month: October
- Year: 2016
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.
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.