Opus Bank is pleased to announce it provided:

Title: Bridge Loan
Amount: $$4,420,000
Month: October
Year: 2016

Bridge Loan

Opus Bank provided a $4.42 Million loan to finance the acquisition of a 36,507 Sq. Ft. retail shopping center in El Monte, CA.

Deal Summary:

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.

Opportunity:

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 Solution:

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.

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