Opus Bank is pleased to announce it provided:

Title: Bridge Loan - Oakland, CA
Amount: $3,100,000
Month: September
Year: 2016

Bridge Loan - Oakland, CA

Opus Bank’s Structured Finance division provides a $3,100,000 bridge loan facility to finance the acquisition and renovation of a 17,206 sq. ft. mixed-use property in Oakland, CA

Deal Summary

Opus Bank (“Opus”) provided a $3,100,000 bridge loan facility to finance the acquisition and renovation of a 17,206 sq. ft. mixed-use property in Oakland, CA.

Opportunity

An experienced real estate developer with a national presence had a 17,206 square foot office-over-retail property under contract in downtown Oakland. The property had been neglected by the owner and was occupied by a disjointed tenant mix with leases expiring over a four-year span. The client required a lender that understood their vision for repositioning the asset and bringing rents to their potential in this flourishing submarket.

Opus Solution

Opus Bank provided a 3-year bridge lending facility to acquire the property and allow for approximately $1.4 million in future fundings to pay for the renovation of the exterior, reconfiguration of the units, TI/LC expense, and the debt service for any shortfalls in NOI during the course of the project.

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