Opus Bank is pleased to announce it provided:

Title: Bridge Loan
Amount: $21,900,000
Month: August
Year: 2014

Bridge Loan

Opus Bank provided a $21,900,000 bridge loan facility to pay off existing debt and stabilize a 164,000 square foot office building

Overview of Transaction

  • Borrower is the owner of one of the largest portfolios of office buildings in the Los Angeles market
  • Ownership of the property was through a long-term municipal ground lease
  • The property was operating at a below-market occupancy level

Significance of Transaction

  • Borrower had a pending loan maturity and needed elevated proceeds quickly
  • The outstanding balance required to retire the existing debt was more than the current financial metrics the property could support

Opus Bank's Role

  • Opus Bank provided a flexible bridge loan, allowing maximum proceeds at the close to pay off existing debt with a cash sweep structure sufficient to cover the upcoming tenant improvements and leasing commissions required to stabilize the property

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