Opus Bank is pleased to announce it provided:
- Title: Bridge Loan
- Amount: $6,050,000
- Month: September
- Year: 2017
Opus Bank (“Opus”) provided a $6,050,000 bridge loan facility to finance the acquisition and renovation of a 42-unit multifamily property in Hollywood, CA.
The client, an experienced value-add real estate investor, identified a 42-unit multifamily value-add asset for sale. The property was 62% vacant at close, with significant loss to lease in the occupied units. This allowed the investor to immediately perform renovations to a majority of the property and quickly bring rents to market to increase cash flow.
Opus provided a bridge lending facility to acquire the property and allow approximately $1.1 million in future advances for building and unit renovations, in addition to interest expense until the property reached stabilization. Opus also committed to approximately $900,000 in future advances in an earn-out structure should the client be successful in recapturing the loss to lease in the occupied units.