Opus Bank is pleased to announce it provided:

Title: County of Riverside
Amount: $6,490,000
Month: December
Year: 2017

County of Riverside

Opus Bank’s Public Finance division provides $6.49 Million in Mello Roos special tax debt refinancing

Overview of Transaction

  • The County of Riverside (“County”) was established in 1893 and is the 4th largest county in California by area and population.  The County is home to approximately 2,380,000 people and has 28 incorporated cities.
  • The County provides a wide range of services, including: police and fire protection, medical and health, education, library, judicial institutions and public assistance programs.

  • Opus Bank (“Opus”) provided refinancing of Mello Roos special tax debt for two community facility districts of the County (Districts 89-1 and 89-4).

  • District 89-1 covers Trilogy at Glen Ivy, a 765-acre master-planned active adult residential community with 1,317 homes in the western portion of the County.

  • District 89-4 covers approximately 29 net acres in the City of Murrieta that feature medical offices, a neighborhood retail center, and a 144-unit apartment complex.

Significance of Transaction

  • The refinancing will result in lower special taxes for property owners within the Districts. In District 89-1, the total savings are estimated to be approximately $1,045,000. In District 89-4, the total savings are estimated to be approximately $925,000.

Opus Bank's Role

  • Opus worked closely with the County and its financing team to put together a flexible financing program that optimizes the Districts’ interest costs and provides for an efficient utilization of taxpayer funds.

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