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Venture West Funding Arranges $11.375 Million Financing Out-of-State
El Segundo, Calif.-(BUSINESS WIRE) – January 18, 2005--Southern California-based Venture West Funding, Inc. announced it has arranged two purchase loans totaling $11.375 million on properties located in Georgia and Washington for a Los Angeles investor managed by Michael Prochelo of Financial Management Group. Jean-Marc Herrouin of Venture West Funding arranged the financing through Bear Stearns.
According to Herrouin, “We completed the deal in 25 days from first contact with our client to closing. This included thorough evaluation, on-site appraisals, and all required documentation, and demonstrates Venture West’s extensive capabilities. We offer a diverse array of real estate financing options together with customized solutions, streamlined processing and reliable closings.”
One property is a 46,950-sf retail center with 20 tenants including Nextel and Payless Shoes. The center is located in Lilburn, Georgia at Highway 29 and Lester Road. The loan is $7.85 million and the sales price was $10,655,206.
The other property is a 53,257-sf warehouse and distribution facility on a 7.42-acre parcel in Burlington, Washington. FedEx Ground, Inc. is the sole tenant and holds an option to expand by approximately 12,000 square feet. The build-to-suit industrial project is about one hour north of Seattle adjacent to the Skagit Regional/Bay View Airport at 15879 Peterson Road. The loan is $3.525 million and the sales price was $5.12 million.
Venture West Funding was founded nearly 10 years ago, and exceeded $1.0 billion in loan volume during 2003 and $887 million in 2004. Venture West is one of the largest firms of its kind operating throughout Southern California, and specializes in providing mortgage loans secured by apartment buildings, commercial properties and single-family homes to a wide variety of borrowers. Venture West is headquartered at 2101 Rosecrans Avenue, Suite 1225, El Segundo, California (310-364-3131). The firm also maintains a full service office in Orange County at 2 Park Plaza, Suite 220, Irvine, California (949-475-5573).
CONTACT: Venture West Funding
Jean-Marc Herrouin
(800) 576-2414 Extension 247
Fax: (310) 943-2129
jherrouin@ventwest.com
www.venturewestfunding.com
or
Santley Associates
Tom Santley
Phone or Fax (626) 441-4594
tsantley@socal.rr.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: BANKING REAL ESTATE
SOURCE: Venture West Funding
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