Opus Bank in Irvine, Calif., has formed a commercial real estate banking division.
The new division will be made up of Opus' income-property banking division and its newly formed structured finance unit, the $2.1 billion-asset bank said Monday.
Dan Borland, who has headed the income-property division since its formation in 2011, will lead the new commercial real estate division, Opus said. Ed Padilla will succeed Borland as the head of the income-property division; Padilla had been the division's senior credit administrator since 2011.
The income-property division provides loans secured by multifamily residential, industrial and office properties, and has funded more than $1.5 billion of loans since its founding in February 2011. The structured finance unit finances value-add, bridge and lender-finance facilities, and has closed more than $58 million of loans.
The reorganization "will enable the bank to leverage off of [Borland's] successes within income-property banking, as well as his tremendous experience, skill and leadership that has made Opus one of the largest originators of multifamily loans on the West Coast," Stephen Gordon, Opus' chairman and chief executive, said in a news release.