Opus Bank formed its Commercial Real Estate Banking (CREB) division comprising of its newly formed Structured Finance division and Income Property Banking (IPB) division.
The newly formed Structured Finance division gives capital financing for lender finance facilities, stabilization loans, value-add and single-family aggregation facilities. Since its formation, it already closed loans amounting to US $58 million.
The bank's IPB, on the other hand, has financed more than US $1.5 billion of loans since February 2011. These are secured by industrial, multifamily residential, medical office, mixed use, office and self-storage properties.
Opus also announced that IPB's President Dan Borland has been promoted as CREB's President and will also lead the newly formed Structured Finance Division. Ed Padilla, IPB's Senior Vice President, will be taking over IPB's reins.
"As Opus expands its suite of banking products and diversifies its commercial real estate asset classes beyond traditional stabilized investment property, the additional focus on more tailored offerings through our new Structured Finance division will contribute to the strategic growth of the Bank now over $3.0 billion in total assets to becoming the dominant relationship-based regional bank on the West Coast," said Opus Bank's President, Chief Executive Officer and Founding Chairman Stephen H. Gordon in a statement.
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