Opus Bank is pleased to announce it provided:
- Title: Bridge Loan - Oakland, CA
- Amount: $3,100,000
- Month: September
- Year: 2016
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.
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 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.