Acquisition Bridge Facility
Opus Bank’s Structured Finance division provides $5,095,000 of acquisition bridge financing to a multifamily investor in Santa Monica, CA
Overview of Transaction
- The borrower purchased two underperforming multifamily properties in Inglewood, CA, with an opportunity to create value by taking rents to market.
- Opus Bank (“Opus”) provided $4,525,000 in acquisition bridge financing.
- Opus additionally provided roughly $570,000 for the renovation and rehabilitation of the 45 units.
Significance of Transaction
- Opus’ loan offered full prepayment flexibility and had embedded dollars to fund 100% of the renovations and lease up costs.
- The 24-month bridge loans are both structured with recourse burn-off triggers as the properties stabilize and contemplated renovations progress.
Opus Bank's Role
- Opus Bank partnered with the borrower to quickly take advantage of a value-add opportunity.
- Opus was able to close the loan in 20 days.