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Opus Bank securitizes $509M of multifamily loans

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Opus Bank securitizes $509M of multifamily loans

Opus Bank on Dec. 23 completed the securitization of approximately $509 million of its multifamily loans through a Freddie Mac sponsored "Q-deal."

One class of Freddie Mac guaranteed structured pass-through certificates was issued through the securitization, which was purchased by the bank. Opus Bank is also acting as the subservicer of the loans, according to a Dec. 27 news release.

Opus Bank Chairman, President and CEO Stephen Gordon said in the release that the transaction reduces the bank's commercial real estate concentration and increases its risk-based capital ratio.