Opus Bank is pleased to announce it provided:

Title: Acquisition Bridge Facility
Amount: $5,095,000
Month: October
Year: 2014

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.

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