Opus Bank is pleased to announce it provided:
- Title: Bridge Loan
- Amount: $10,500,000
- Month: April
- Year: 2017
Opus Bank (“Opus”) provided a $10,500,000 bridge loan to pay off existing debt and finance the renovation of an oceanfront mobile home park in Pacifica, CA.
The development group had owned the asset for a couple years with plans to redevelop the property. The project was delayed while working through the approval process, which resulted in some modifications to the business plan. The requirements of the existing project financing did not align with the updated business plan, requiring a refinance.
Opus provided a bridge loan, allowing proceeds at close to pay off existing debt and additional funds to cover the development costs to complete the project. A flexible limited recourse structure was allowed, including a burn-off at completion, which was acceptable to both the developer and their institutional equity partner.