Opus Bank’s Structured Finance division provides a $7,800,000 bridge loan for a 20 unit, newly constructed multifamily property located in the Golden Hill neighborhood in San Diego, CA
Overview of Transaction
- The project was constructed as a high quality for-sale project. Opus Bank (“Opus”) funded this bridge loan at construction completion to pay off the prior lender and allow the borrower to execute on an alternative, for-lease strategy.
Significance of Transaction
- Opus has the local presence needed to recognize the desirability of townhouse style rental units with attached garages in a neighborhood near Balboa Park and in close proximity to downtown San Diego.
- The financial structure included preferred equity from a third-party, which Opus was able to accommodate during the approval and funding process.
Opus Bank's Role
- Opus structured a bridge loan to match the borrower’s business plan including a variable rate, interest only for the term, and an interest reserve for lease-up.
- Opus also had the experience needed to work closely with the borrower during the structuring of the preferred equity component.