Opus Bank’s Structured Finance division provides $8,500,000 to finance the acquisition and stabilization of a 73,000 sq. ft. industrial business park in Thousand Oaks, CA
Overview of Transaction
- The Tenant-in-Common Borrower purchased the property at an opportunistic acquisition price as it was losing a major tenant (20% of NRSF).
- The borrower desired financing that could accommodate anticipated tenant improvements and leasing commissions, in addition to a modest rehabilitation of the property.
Significance of Transaction
- Given the property’s upcoming tenant rollover, the borrower needed a lender who could provide a loan that assisted in unlocking new income and value through a bridge facility, which allowed for flexibility and ability to prepay.
Opus Bank's Role
- Opus Bank (“Opus”) recognized the borrower’s real estate experience, and provided a financing structure that incorporated planned tenant improvements and leasing commissions as new leases were signed.
- Opus closed the loan in 35 business days.