Opus Bank is pleased to announce it provided:
- Title: Bridge Loan
- Amount: $8,750,000
- Month: July
- Year: 2017
Opus Bank (“Opus”) provided an $8,750,000 bridge loan to finance the conversion of an existing building into a 75-unit multifamily property. The sponsors are experienced value-add investors and property managers. The property is well located in the Ballard submarket of Seattle, a strong and desirable multifamily location.
Opus recognized the potential of the business plan, which was to repurpose an existing building into a 75-unit apartment project. This included an extensive interior and exterior renovation. The sponsors’ experience in renovating properties, plus the strong redevelopment management team were a good match with this opportunity.
Opus worked with the sponsors as they proceeded through the change-of-use permitting process, with funding occurring after issuance of the permits. Opus was able to underwrite to the projected, stabilized income at the property. The initial funding was approximately $5,639,000. Future renovation funding of $3,111,000 is available via monthly draws and included an interest reserve. When fully funded and stabilized, the loan will represent approximately 65% Loan to Cost and 56% Loan to Value.