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Venture West Funding Arranges $5.675 Million Financing for Single-Tenant FedEx Industrial Building in Michigan
El Segundo, Calif.-(BUSINESS WIRE) – September 18, 2006--Southern California-based Venture West Funding, Inc. announced it has arranged a $5.675 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 a 101,068-square foot warehouse and distribution facility on a 16.46-acre parcel in Kalamazoo, Michigan. FedEx Ground Package Systems, Inc. is the sole tenant. The building was expanded twice in the past three years and can accommodate a third expansion in the future. The project is located at 2612 Kersten Court in Kalamazoo, Michigan. The sales price was just over $9.1 million.
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 over 10 years ago, and has funded more than $2.5 billion in loan volume during 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 92614 (949.475.5573).
CONTACT: Venture West Funding
Jean-Marc Herrouin
Direct (310) 706.4456
(800) 576.2414 ext. 247
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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