Venture West Funding, Inc., a mortgage company headquartered in Manhattan Beach, CA announced it has arranged loans totaling $23.7 million for the refinance of two grocery anchored centers located in California and Washington. Matt Douglas, Principal of Venture West Funding, arranged the financing through Prudential Mortgage Capital for an affiliate of Robertson Properties Group based in West Los Angeles.
Long Beach Towne Square is a 113,319 square foot retail center built in 1999. The center is anchored by Ralphs and is 97% occupied. Other tenants include LA Fitness, Carl’s Jr. and Del Taco. The property is located at 2250 East Carson Blvd. in Long Beach, CA.
Bethel Junction consists of two adjacent retail centers with 157,833 square feet. The centers were built in 1989 and 1999, respectively. Located at Bethel Road and SE Lund Ave. in Port Orchard, WA, the centers are anchored by Safeway and are 93% occupied. The two properties are cross-collateralized and the proceeds were used to pay off two maturing conduit loans. Venture West Funding arranged the original debt in 2000.
According to Douglas of Venture West Funding, “We secured a 10-year fixed, non-recourse loan amortized over 30 years. The loans are open for prepayment after 5 years. This lender offered the most competitive rates and greatest flexibility for our borrowers.”
Venture West Funding was founded more than 13 years ago and has placed more than $6.0 billion in loan originations since 2002. Venture West Funding 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 Funding 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).
Venture West Funding, Inc.
Tom Santley, 626.441.4594