Opus Bank is pleased to announce it provided:
- Title: Bridge Loan
- Amount: $3,875,000
- Month: March
- Year: 2016
Opus Bank (“Opus”) provided a $3,875,000 acquisition and renovation bridge loan for a retail center in the desirable North Park neighborhood of San Diego, California. The center has an excellent layout and on-site parking, but it was in need of an extensive renovation. The sponsors have a successful track record in this market, and the business plan is to both renovate the building and strengthen the tenant profile.
The property is in a great location in a strong market, but it needed focus on both renovation and leasing. Opus has the local knowledge and presence to understand the potential of the project and the strong match with the expertise of the Sponsors.
The Sponsors required extensive time for their due-diligence and Opus supported them throughout their evaluation process. When their business plan and terms were finalized, Opus was able to move quickly to closing. The loan was structured not only to acquire the property, but to provide the substantial funds needed for renovation and leasing.