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Venture West Funding Arranges $14 Million Loan on Kent, Washington Retail Center
El Segundo, Calif.-(BUSINESS WIRE) – October 16, 2007 – Southern California-based Venture West Funding, Inc. announced it has arranged a $14 million mortgage loan on a retail center anchored by a Lowe’s Home Improvement Center in Kent, Washington. Matt Douglas of Venture West Funding arranged the financing through Washington Mutual Bank.
The 143,974-SF neighborhood retail center is located at 24050 Pacific Highway South in Kent, WA. In addition to Lowe’s, other tenants include Quizno’s and Starbucks. Formerly the Midway Drive-in Theater, the property has been developed by Pacific Service Company, an affiliate of Robertson Properties Group based in West Los Angeles.
According to Douglas of Venture West, "We secured a 10-year loan, fixed for the initial seven years with flexible prepay options. Proceeds will replace the borrower’s out-of-pocket costs for construction and future development to the center. This bank portfolio loan offered the most competitive rates and greater flexibility for our borrower. Despite the general real estate credit crunch and the tightening of underwriting standards by lenders, we have found commercial banks continuing to win such loans typically targeted for the life insurance companies and conduits. Venture West has maintained relationships with many lending institutions that offer a variety of products and we are on pace to exceed last year’s volume in total loan originations,” concluded Douglas.
Venture West Funding was founded nearly 18 years ago and has funded more than $5 billion in loan volume since 2002. 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
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: BANKING REAL ESTATE
SOURCE: Venture West Funding |
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