Opus Bank is pleased to announce it provided:
- Title: Bridge Loan
- Amount: $6,000,000
- Month: June
- Year: 2016
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.
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 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.