Opus Bank is pleased to announce it provided:
- Title: Bridge Loan
- Amount: $$4,000,000
- Month: July
- Year: 2016
Opus Bank provided a $4,000,000 bridge loan facility to finance the acquisition and renovation of a 30 unit multifamily property in Tigard, OR.
The client, an experienced value-add real estate investment group, had identified an underperforming multifamily asset for sale. Although the property was 100% occupied, the in-place rents were well below market and the units were in need of renovation and updating, providing an opportunity for significant rental increases.
Opus Bank provided a bridge lending facility to acquire the property and allow approximately $1,290,000 in future advances for building and unit renovations, with the commitment based on the prospective stabilized value. The loan was closed on time in accordance with the requirements of the purchase and sale agreement.