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.