Opus Bank is pleased to announce it provided:

Title: Construction Loan
Amount: $20,250,000
Month: July
Year: 2015

Construction Loan

Opus Bank’s Structured Finance division provides a $20,250,000 construction loan for a 106-unit multifamily property located in Seattle’s Ballard neighborhood

Overview of Transaction

  • The Borrower owned a well located and fully entitled parcel of land in the desirable Ballard neighborhood of Seattle.
  • Opus Bank provided construction financing for the development of a 7-story, high-quality multifamily building with 106 units over ground floor live/work spaces and one level of subgrade parking.
  • The loan is variable rate, interest only for the term, with extension options.

Significance of Transaction

  • The financial structure included third-party Preferred Equity, which Opus Bank was able to accommodate during the approval and closing process.
  • Opus Bank has the deep local presence needed to understand the dynamics occurring in Seattle’s rapidly growing and evolving market.

Opus Bank's Role

  • Opus Bank quickly recognized the sponsor’s expertise, the desirable infill urban location, and the high-quality of the proposed buildings.
  • Opus Bank worked with the sponsor to optimize the capital structure, including the integration of a Preferred Equity component.

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