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Venture West Funding Arranges $41.5 Million Loan
on Dome Entertainment Center in Hollywood, CA
El Segundo, Calif.-(BUSINESS WIRE) – June
20, 2005--Southern California-based Venture West Funding,
Inc. announced it has arranged a $41.5 million loan
for the Dome Entertainment Center in Hollywood, CA.
Located at the busy intersection of Sunset Blvd. and
Vine Street, the property consists of an ArcLight Cinemas
15-screen state-of-the-art cinema complex and adjacent
retail space housed in a 216,000-sf facility spread
over 3.40 acres.
The 10-year, fixed-rate loan arranged by Matt Douglas
of Venture West refinanced an existing mortgage for
owner Dome Entertainment Center, Inc. The loan was
funded through Bear Stearns. This is the largest single-property
loan arranged by Venture West since its founding nearly
10 years ago. The property is valued in excess of $80
million.
The tenant mix includes ArcLight Cinemas, 24
Hour Fitness and Kitchen Academy. Parking for the complex
is provided
by an adjacent parking structure owned by the City
of Los Angeles.
According to Matt Douglas of Venture
West, "Working
with the owner and the lender, we were able to maximize
the leverage of this historic yet modernized entertainment
center and lock in a loan at today's favorable interest
rates. The size of this financing reinforces Venture
West's ability to offer a diverse array of real estate
financing options to our clients."
Venture West
Funding was founded nearly 10 years ago, and has
averaged about $900 million in annual loan
originations during each of the past three 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 (949-475-5573).
CONTACT: Venture West Funding
Matt Douglas
(310) 706.4450, Extension 229
mattd@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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