Opus Bank’s Structured Finance division provides $12,500,000 bridge financing to a multi-tenant medical office development located in Vancouver, WA
Overview of Transaction
- The property consists of two institutional quality medical office buildings providing 54,000 square feet of rentable area.
- The borrower, who was the original developer of the two buildings, was able to fill and stabilize the first building, but the second building needed more time and funds to facilitate lease up.
- The borrower desired bridge financing that could pay off existing debt, provide funds for future leasing, and also offer prepayment flexibility.
Significance of Transaction
- Given the properties’ physical 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”) understood Vancouver’s medical office market dynamics and the borrower’s real estate expertise. Opus was able to structure a financing solution that incorporated refinance proceeds plus tenant improvement and leasing commission funds for future leases, all while including a flexible prepayment schedule.