Opus Bank’s Structured Finance division provides a $6,830,000 acquisition and renovation bridge loan for a 34 unit multi-family property located in Bellevue, Washington.
Overview of Transaction
This well-situated property offered substantial upside due to below market in-place rents. To capture the higher market rents, the business plan included an interior renovation of 71% of the units, in addition to substantial exterior and landscaping upgrades.
Significance of Transaction
Opus was able to look beyond the current income and underwrite to the projected, stabilized income at the property.
Additional funds were made available within the loan for the cost of the renovations and an interest reserve.
Opus had the local presence needed to understand this opportunity and structure the appropriate loan.
Opus Bank's Role
Certainty of execution was critical for the sponsor, given the highly competitive market for this type of property.
Opus understood this was an opportunistic, time-sensitive transaction with an experienced sponsor.
Opus successfully closed the loan within the required timeframe and provided both the initial funding plus the future funding the sponsor needed to achieve their business plan.