Opus Bank’s Structured Finance division provides a $4,750,000 bridge loan facility to pay off existing debt and provide predevelopment funds for a 65,000 square foot office building
Overview of Transaction
- The borrower is the owner of one of the largest portfolios of office buildings in the Los Angeles market.
- The property was operating at a static below-market occupancy level and earmarked for redevelopment.
- The borrower needed bridge financing while it secured approvals for an adaptive re-use of the building into residential.
Significance of Transaction
- The borrower had a pending loan maturity and needed surety of closing quickly.
- The borrower was going through the entitlement and planning process for new construction on site and potential adaptive re-use of the existing building.
Opus Bank's Role
- Opus Bank provided a flexible bridge loan, allowing proceeds at the close to pay off existing debt prior to maturity and additional funds to cover predevelopment costs.
- Opus Bank also addressed the upcoming need for financing the redevelopment and provided additional benefits to the borrower in providing the eventual take-out through an Opus construction loan.