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Venture West Funding Arranges $9 Million Financing for Single-Tenant FedEx Industrial Building in Virginia
El Segundo, Calif.-(BUSINESS WIRE) –  August 8, 2006--Southern California-based Venture West Funding, Inc. announced it has arranged a $9 million purchase loan on a single-tenant FedEx industrial building 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.
The property is currently a 70,423-square foot warehouse and distribution facility on a 7.5-acre parcel in Chantilly, Virginia. FedEx Ground Package Systems, Inc. is the sole tenant and held an option to expand the property to 101,068-SF. The build-to-suit industrial project is located at Washington Dulles International Airport at 14900 Stonecroft Center Court. The sales price was $12.6 million.
Venture West Funding and Bear Stearns structured the loan to cover the cost of acquisition as well as the expansion of the facility. This all-in-one loan was rate-locked for 10 years and funded prior to the construction being complete. According to Herrouin, “We have been successful in arranging loans throughout the United States and this loan is an example of our ability to offer a diverse array of real estate financing options and professional experience to our clients.”
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).
CONTACT: Venture West Funding
Jean-Marc Herrouin
(800) 576-2414 x247
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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