Opus Bank is pleased to announce it provided:
- Title: Construction Loan
- Amount: $9,100,000
- Month: October
- Year: 2016
Opus Bank (“Opus”) provided a $9,100,000 loan to finance the construction of a mixed-use property located in the desirable Alphabet neighborhood of Portland, Oregon. When complete, the project will feature 27 Class-A apartment units constructed over ground floor commercial space. The project will also feature automated stacked parking, bike repair and storage areas, as well as a dog washing station. The project will be built to meet the City of Portland’s “Community Standards” designation and to a quality level equivalent to LEED Platinum for homes.
The client is a sophisticated operator/developer who is well-known in Portland and had purchased the land in January 2015. The client required a lender who was familiar with the pre-development process and also mindful of the challenges the client faced to complete the permitting process while managing Portland’s building season and the general contractor’s requirements.
When first presented with the loan opportunity, Opus realized that not only would the project be successful, but it would also be a great fit for the neighborhood. The closing deadline became threatened by events outside of the borrower’s control, so Opus devoted additional underwriting resources to the loan. The loan was closed on time and without a general contractor change order. When fully funded, the total loan amount will represent 74% of the total project costs.