Opus Bank’s Structured Finance division provides a $15,000,000 bridge loan facility to finance the acquisition of a portfolio of 5 properties, encompassing over 113,000 square feet of industrial flex, office, and retail space, all located within the Warner Center Business Park of Los Angeles, CA
Overview of Transaction
- The client, a repeat borrower of Opus Bank, had secured an option to acquire the portfolio of properties at a discount to market value through a trustee sale.
Significance of Transaction
- The portfolio included single and multi-tenant buildings, one of which was 100% vacant and another that was 33% vacant.
- The business plan called for the opportunistic selling of certain buildings while holding on to others for current income and future redevelopment.
Opus Bank's Role
- Opus structured an acquisition loan at 80% loan-to-cost, which included $1.1 million in future advances to cover the necessary improvements and TI’s for lease-up.
- The facility also allowed for individual building releases, providing maximum flexibility with respect to the client’s business plan.
- The loan funded in less than 60 days in accordance with the borrower’s requested closing date.