Opus Bank is pleased to announce it provided:

Title: Bridge Loan
Amount: $6,000,000
Month: June
Year: 2016

Bridge Loan

Opus Bank’s Structured Finance division provides a $6,000,000 bridge loan to refinance, renovate, and stabilize a 16,766 square foot mixed-use property on Pacific Coast Highway in Malibu, CA

Deal Summary

Opus Bank (“Opus”) provided a $6,000,000 bridge loan facility to refinance an existing loan and provide additional TI/LC and CapEx funds to complete renovations and stabilization of a retail and office mixed-use property on Pacific Coast Highway in Malibu, CA.

Opportunity

The client, an experienced value-add real estate investment group, had originally obtained acquisition bridge financing for the project through another bank. Due to some delays caused by tenant negotiations and city approvals, the timeline of the project was extended past the draw period of the existing loan, and the current bank was unable to provide additional financing to complete the project.

Opus Solution

Opus provided a bridge lending facility to pay off the existing financing with a commitment of approximately $730,000 in future advances to complete the project. In addition, Opus structured a cash flow sweep to mitigate risk and allow for the loan to close.

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