Opus Bank is pleased to announce it provided:
- Title: Construction Loan
- Amount: $$11,950,000
- Month: June
- Year: 2016
Opus Bank provided an $11,950,000 construction loan for the development of 105 micro-apartment units, 1,834 square feet of street level retail space, plus a 24-car parking garage in a 5-story building. The sponsors are highly experienced in the Seattle multifamily construction and renovation market. The project will provide cost effective, efficient micro-apartment units in a desirable urban neighborhood.
The project is located on a major transportation corridor in an existing urban neighborhood. It has excellent access to existing bus transit lines, and is in close proximity to the freeway and a future light rail station. Micro-apartments are a proven, successful product in Seattle and recent changes to zoning will make construction of competing projects more difficult. The general contractor is very experienced in multifamily construction. The project is scheduled for completion in 2017.
Opus is a leader in providing financing for micro-apartments in Seattle, which are a popular option for tenants seeking well-located and cost-effective housing. The loan is approximately 75% of project cost. At completion, the loan will represent approximately 68% Loan-to-Value.