Opus Bank is pleased to announce it provided:
- Title: Bridge Loan
- Amount: $$4,420,000
- Month: October
- Year: 2016
Opus Bank (“Opus”) provided a $4,420,000 loan to finance the acquisition and stabilization of a 36,507 sq. ft. retail shopping center in El Monte, CA.
The property was operating well below its market potential, with a current occupancy of 53% and about half of the existing tenants paying below-market rents. With the current high vacancy and an additional 38% of the space either on month-to-month or rolling within 12-months, the buyer looked at the property as an attractive value-add opportunity. The investor needed a lender that understood and believed in the business plan, after taking the current vacancy into consideration.
Opus provided a bridge lending facility allowing the client to acquire the property. In addition, Opus allowed for future loan advances to cover capital improvements, future TI/LC expenses, and current debt service during the project through an interest reserve. The client’s knowledge of the existing submarket conditions, along with their vast experience as a real estate investor, allowed Opus to execute the financing required to stabilize the asset.