Opus Bank Realigns CRE Business
Opus Bank, Irvine, Calif., has realigned its operations to create a Commercial Real Estate Banking division. The new division consists of its Income Property Banking division and its recently formed Structured Finance division.
IPB has been funding loans since February 2011 and since then has done $1.5 billion of mortgages secured by multifamily, industrial, office, medical office, self-storage and mixed-use properties.
The Structured Finance unit was created to provide funds for bridge loans, lender finance facilities, single-family residential aggregation facilities and stabilization loans. It has done $58 million so far.
Dan Borland, most recently president of IPB, has been named president of CREB and he will also lead the Structured Finance division. Ed Padilla, senior vice president, senior credit administrator at IPB, has been promoted to lead IPB and will report to Borland.
Stephen Gordon, chairman, CEO and president, said “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.”