Opus Bank is pleased to announce it provided:

Title: Acquisition Bridge Facility
Amount: $7,266,000
Month: January
Year: 2015

Acquisition Bridge Facility

Opus Bank’s Structured Finance division provides a $7,266,000 bridge facility for the acquisition and stabilization of a Lakewood, Washington business park

Overview of Transaction

  • The client had an opportunity to purchase the property at a low cost basis, benefitting from the asset’s divestiture from a prominent nationwide self-storage company.
  • With its highly desirable location along a major Northwest highway, repositioning the property allowed the borrower to garner substantial demand for space within a low vacancy market.

Significance of Transaction

  • Opus Bank (“Opus”) provided a $7,266,000 bridge facility to allow the client to stabilize and create value that was forgone by the prior owner.
  • Opus recognized the client’s wherewithal and track record with similar assets creating value through property repositioning and opportunistic leasing.

Opus Bank's Role

  • Opus arranged a partial cash flow sweep / deposit mechanism that allows for the release of tenant improvement and leasing commission proceeds after a new lease is signed.
  • The borrower had only a 30-day timeframe and Opus provided a quick close.

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