Opus Bank is pleased to announce it provided:

Title: Bridge Loan
Amount: $6,530,000
Month: December
Year: 2015

Bridge Loan

Opus Bank’s Structured Finance division provides a $6,530,000 bridge loan facility to finance the acquisition and renovation of a 38 unit multifamily property in San Leandro, CA

Overview of Transaction

  • The client, an experienced value-add real estate investment group, had identified an underperforming multifamily asset for sale. Although the property was 100% occupied, it was underperforming with rents below market and dated units that were in need of renovation and updating, providing an opportunity for significant rental increases.

Significance of Transaction

  • Opus Bank (“Opus”) provided a bridge loan facility to acquire the property and allow approximately $1.14 million in future advances for building and unit renovations, with the commitment based on the prospective stabilized value.

Opus Bank's Role

  • Opus worked with the borrower in providing a flexible recourse structure, allowing the sponsor to manage their contingent liabilities. This was the third multifamily bridge loan closed with the client.

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