Opus Bank’s Structured Finance division provides $16,770,000 to refinance a multi-tenant industrial flex property backed by institutional equity and located in Livermore, CA
Overview of Transaction
- The property consists of five high-quality industrial flex buildings offering 208,000 square feet of rentable area. Ownership was considering purchase offers, and instead they decided to refinance.
- The Borrower desired bridge financing that could pay off existing debt and also offer prepayment flexibility.
Significance of Transaction
- As the property was fully leased and occupied, it was a candidate for many lending programs. However, its existing commercial mortgage-backed securities financing was coming due in less than 45 days.
Opus Bank's Role
- Opus Bank immediately recognized the property’s positives and the Borrower’s real estate expertise, and provided a bridge loan that closed in less than 30 days from receipt of deposit.