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Venture West Funding Arranges $3.5 Million Loan on Senior Apartment Project
El Segundo, Calif.-(BUSINESS WIRE) – July 31, 2006--Southern California-based Venture West Funding, Inc. announced it has arranged a $3.5 million purchase loan on a 106-unit multifamily property in El Centro, CA. The 10-building, 85,437-SF development was constructed in 1990 and is situated across from the El Centro Regional Medical Center. Onsite amenities include a swimming pool, spa, barbecue area, outdoor shuffleboard and a recreation center.
Chris Hutchison of Venture West arranged the financing with LaSalle Bank’s Multifamily Finance Group for a San Diego property investor. According to Hutchison, “”The property is designed for seniors aged 55 and over and was 88% occupied at the time of the sale. Although the financing was available to 75% of the property value, the buyers infused a $1.5 million down payment through a 1031 Exchange resulting in a 70% mortgage loan. The 10-year fixed rate loan was arranged at 6.98% and featured a 30-year amortization schedule and step-down prepayment penalty structure.”
“We have been successful in arranging loans throughout San Diego County and this loan is an example of our ability to offer a diverse array of real estate financing options to our clients,” added Hutchison.
Venture West Funding was founded 10 years ago, and has placed more than $4 billion in loan originations since 2000. 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).
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: BANKING REAL ESTATE
SOURCE: Venture West Funding
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