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Venture West Funding Arranges $10 Million Loan on Pride Center in Woodland Hills, CA
El Segundo, Calif.-(BUSINESS WIRE) – August 1, 2005--Southern California-based Venture West Funding, Inc. announced it has arranged a $10 million loan for Pride Center, a neighborhood shopping center in Woodland Hills, CA. The loan was secured for a Los Angeles investor managed by Michael Prochelo of Financial Management Group.
Pride Center is located at Victory Boulevard and Fallbrook Avenue in Woodland Hills. The 13.88-acre site supports eight tenants in 185,265 square feet. Owned by Pride Center Co., LLC, the center is anchored by Albertsons, Bank of America, Pep Boys, Savon Drugs, PETsMART, HomeGoods, Harbor Freight Tools and JO-ANN.
Jean-Marc Herrouin of Venture West Funding arranged the financing through Bear Stearns. According to Herrouin, “We were able to demonstrate to the borrower that he would be economically advantaged by refinancing his property at today’s low interest rates, even after paying a substantial prepayment penalty. With this new loan in place, the borrower substantially improved his cash flow and his financing costs are now fixed for the next 10 years at a historically low interest rate. This large loan is an example of our 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
Jean-Marc Herrouin
310.706.4456, Extension 247
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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