Opus Bank is pleased to announce it provided:

Title: Construction Facility
Amount: $8,640,000
Month: March
Year: 2015

Construction Facility

Opus Bank’s Structured Finance division provides $8,640,000 credit facility for the construction of 71 micro apartment units in Oakland, CA.

Overview of Transaction

  • Opus Bank provided an $8,640,000 credit facility for the construction of 71 micro apartments in Oakland, CA.
  • The project is located within Oakland’s Broadway Corridor, which is transitioning into the city’s major retail and commercial sector as a result of the Corridor’s re-entitlement and repositioning.

Significance of Transaction

  • The project is comprised of fully self-contained micro units, which provide affordable living arrangements in proximity to mass transit hubs, jobs, and newly revitalized area of Oakland.
  • The loan facility provided up to 80% of project costs, which included hard, soft, and interest reserve financing.

Opus Bank's Role

  • The borrower needed a bank that understood the nuances of the micro unit product type, and Opus Bank (“Opus”) is a lending pioneer in the micro unit space having provided financing for micro units in the Puget Sound region and the San Francisco Bay Area.
  • The borrower received current market value credit for the land and was offered an attractive floating rate loan that provides monthly draws for the project’s construction.
  • Upon completion and stabilization, Opus Bank will offer the borrower long-term financing.

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