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Venture West Funding Arranges $24.9 Million Financing Package
El Segundo, Calif.-(BUSINESS WIRE) –
Nov. 7, 2005—Southern-California-based Venture West Funding, Inc. announced that the firm has completed the placement of a $24.9 million loan package on 18 apartment buildings in Los Angeles. The 18 properties contain 346 units and are valued in excess of $34.5 million. Pete Collins of Venture West arranged the bulk of the financing with Impac Multifamily Capital Corporation and One United Bank for Patrick De La Torre, a Los Angeles apartment investor. It is the third-largest package of multifamily loans for the El Segundo-based firm since it was founded in 1997.
According to Collins, “This portfolio includes two purchase loans totaling $7.15 million and 16 refinance loans for $27.4 million with more than $5.24 million cash out. This investor owns 48 buildings with a total of 1,086 units valued at approximately $100 million. He is continuing to expand his portfolio in urban communities.”
“De La Torre is a hands-on property owner with over 20 years of experience owning and managing multifamily properties. He has a full-time staff of maintenance personnel and on-site property managers, some of whom are HUD approved superintendents,” added Collins.
Venture West Funding was founded nearly 10 years ago, and has averaged nearly $1 billion in annual loan originations in recent 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 (949.757.1043).
CONTACT: Venture West Funding
Pete Collins
(310) 706.4450, Extension 234
PeteC@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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