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.