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.