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.