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Venture West Funding Closes $8.125 Million Loan on 60-unit Apartment Building in Culver City, California in 21 Days
El Segundo, Calif.-(BUSINESS WIRE) – March 8, 2007 – Southern California-based Venture West Funding, Inc. announced it has arranged an $8.125 million purchase loan on a 60-unit apartment building in Culver City, California. Matt Douglas of Venture West Funding closed the loan with lender First Federal Bank in 21 days.
Built in 1957, the garden-style apartment building contains an assortment of one, two and three-bedroom units as well as a swimming pool, several laundry rooms and 64 parking spaces. The project is located at 3902, 3910 and 3920 Lenawee Avenue in Culver City. Americana Jackson Street LLC, an affiliated entity of Weintraub Financial Services, Inc., purchased the building from seller Hyde Park, LTD. Kitty Wallace, senior vice president, Sperry Van Ness Company represented both the buyer and seller.
According to Matt Douglas, “The appraisal was completed in a week and we had full cooperation between the borrower, broker and bank to close in 21 days. This loan is an example of our ability to bring together a team of professionals to close loans as quickly as possible. We offer a diverse array of real estate financing options and professional experience to our clients,” concluded Douglas.
Weintraub Financial Services, Inc. is a full-service real estate organization and a leader in historical renovations and the creation of projects with significant architectural merit. Among its current projects is The Californian, a sold-out, 23-story condominium building in the Wilshire Corridor area of Los Angeles. Other WFS projects include a 152,000-sf office/industrial building located in Warner Center, Woodland Hills soon to be converted to an 800-unit residential community. Another development, 2 Main, includes the adaptive reuse of the former St. Vibiana’s Cathedral in downtown Los Angeles and creation of an adjoining, new 40-story residential tower. WFS retail centers include Indio Fashion Mall and Indio Marketplace.
Venture West Funding was founded over 11 years ago and has funded more than $4 billion in loan volume during the past five years. 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 2301 Rosecrans Avenue, Suite 3100, El Segundo, California 90245 (310.706.4450). The firm also maintains a full-service office in Orange County at 2 Park Plaza, Suite 220, Irvine, California 92614 (949.475.5573).
CONTACT: Venture West Funding
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: BANKING REAL ESTATE
SOURCE: Venture West Funding |
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