 |
 |
|
 |
Venture West Funding Arranges $9.8 Million Loan for Monrovia Marketplace in Monrovia, CA
El Segundo, Calif.-(BUSINESS WIRE) – October 25, 2004--Southern California-based Venture West Funding, Inc. announced today that it has arranged a $9.8 million purchase loan for Monrovia Marketplace, a 52,500-sf retail center located in Monrovia, California. Monrovia Marketplace is leased to two strong retailers, Comp USA and Office Depot, and was opened in 1995. The 10-year, fixed-rate $9.8 million loan was arranged by Matt Douglas of Venture West and funded through Bear Stearns.
The retail center was purchased by Robertson Properties Group, which develops and manages commercial real estate throughout Southern California. Purchase price of Monrovia Marketplace was $15 million. The acquisition is the latest in the firm’s ongoing program to secure properties either for development or repositioning in western markets. The center is located at the southeast corner of Huntington Drive and the Foothill (210) Freeway and across the street from 325,000-sf Huntington Oaks Shopping Center, currently Monrovia’s largest center. Monrovia Marketplace is strategically located and has exceptional visibility from the 210 Freeway.
According to Matt Douglas of Venture West, "Working with the owner and the lender, we were able to maximize the leverage of this quality, two-tenant retail center and lock in a loan at today’s favorable interest rates. The size of this financing reinforces Venture West’s ability to offer a diverse array of real estate financing options to our clients."
Venture West Funding, Inc. was founded nearly 10 years ago, and exceeded $1.0 billion in loan volume during 2003. 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 2101 Rosecrans Avenue, El Segundo, Calif. (310-364-3131). The firm maintains a full service office at 9 Executive Circle, Irvine, Calif. (949-475-5573).
CONTACT: Venture West Funding
Matt Douglas
(310) 364-3131 Extension 229
Fax: (310) 364-0010
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
|
|
|
|
