Opus Bank’s Structured Finance division provides a $10,840,000 bridge loan facility to refinance and stabilize a mixed use, retail/multifamily property located in Eugene, OR
Overview of Transaction
- The borrower controlled a high-quality three building mixed use project, the development of which had been financed by multiple lenders. The borrower was interested in re-financing one of the three buildings separately as well as changing its vesting.
- The subject property consists of 51 apartment units constructed over ground floor retail suites. The apartment units were fully occupied. However, some of the retail suites were vacant and in shell condition.
- The borrower desired financing that could pay off existing debt, accommodate anticipated tenant improvements, and provide funds for leasing commissions.
Significance of Transaction
- Given the property’s retail vacancy, the borrower needed a lender who could structure a loan to facilitate value creation and allow for the flexibility to prepay.
Opus Bank's Role
- Opus Bank (“Opus”) recognized the retail and residential market dynamic in Eugene, OR as well as the borrower’s real estate expertise. Opus provided a financing structure that incorporated the capacity for tenant improvements and commissions on future leases.