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Venture West Funding Arranges $6.73M Loan on Durham, NC Apts.
MANHATTAN BEACH, Calif.--(BUSINESS WIRE)--Southern California-based Venture West Funding, Inc. announced it has arranged $6.73 million for a refinance of a 320-unit apartment complex in Durham, NC. Matt Douglas of Venture West Funding arranged the Freddie Mac loan with Capmark Finance. The owner is an affiliate of Robertson Properties Group, a West Los Angeles-based real estate development/property management firm.
The 320-unit multifamily property is located in the heart of the Research Triangle in Southwest Durham, North Carolina. The garden-style, 1985-built apartments consist of 32 buildings over 26.65 acres. “We were able to secure a non-recourse, 10-year fixed loan at a competitive rate to replace the maturing CMBS Loan. This loan, along with a new property management company, will position the property for much improved cash flow in the future,” said Douglas.
Venture West Funding has funded more than $6 billion in loans 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 1500 Rosecrans Avenue, Suite 312, Manhattan Beach, California 90266 (310.706.4450). The firm also maintains a full-service office in Orange County at 31371 Rancho Viejo Road, Suite 101, San Juan Capistrano, California 92675 (949.218.4002).
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: BANKING REAL ESTATE
SOURCE: Venture West Funding |
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