Opus Bank is pleased to announce it provided:
- Title: Bridge Loan
- Amount: $7,300,000
- Month: January
- Year: 2017
Opus Bank (“Opus”) provided a $7,360,000 bridge loan to finance the re-tenanting of a mixed-use retail/office property. The Sponsors are experienced long-term investors, specializing in the San Diego market. This is a well located property in a strong location adjacent to I-15.
The Sponsors are existing clients of Opus’ Income Property Banking division. They constructed the property in the mid-1980’s and the existing long-term leases had just expired. The business plan called for refinancing the existing low leverage debt, and additional funding for new tenant improvements and leasing commissions. The property was approximately 50% preleased at the time of loan closing, with good prospects for the remaining space.
Opus was able to underwrite the leased, but not-yet-occupied, space as well as the property’s projected, stabilized income. The initial funding was approximately $5,632,000, which was 40% of the value. Future renovation funding of $1,438,000 is available via monthly draws. When fully funded and stabilized, the loan will represent approximately 44% Loan to Value.