Venture West Funding, Inc., a mortgage company headquartered in El Segundo, CA. announced it has arranged a $10 million loan for the refinance of a 100-unit luxury apartment complex in Pomona, CA. Matt Douglas of Venture West Funding arranged the financing through CapitalSource for the apartment complex, which is owned by a joint venture between Virtú Investments and a commingled investment fund sponsored by Lowe Enterprises Investors, a Los Angeles-based real estate investment manager and affiliate of national full service real estate firm, Lowe Enterprises, Inc. Virtú Investments currently owns and manages over 5,000 apartment units in the Western states and is headquartered in San Francisco, CA.
Known as Helix at University Village, the complex is located at 510 E. 3rd Street in Pomona, CA. and primarily serves as graduate student housing for Western University of Health Sciences across the street. Helix at University Village, built in 2006, consists of 52 two-bedroom units and 48 one-bedroom/studio units totaling 65,596 sq. ft. and is currently 99% occupied. Amenities include a fitness center, two large public courtyards with BBQ areas, a fourth-floor terrace and lounge, indoor group and study areas. Interior units feature built-in appliances, track lighting, double paned windows, refrigerator, central HVAC, and private balconies on select units.
According to Douglas of Venture West, “We secured a very competitively priced loan funded by CapitalSource, which offered the best rates and greatest flexibility for our borrower.” Alon Kraft, Vice President of Lowe Enterprises Investors added, “Venture West and CapitalSource tailored a non-recourse, fixed-rate loan with flexible prepayments while meeting the requirements of our fund clients and partner.”
Venture West Funding was founded more than 15 years ago and has placed more than $7.4 billion in loan originations since 2001. 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 2301 Rosecrans Avenue, Suite 3170, El Segundo, CA 90245 (310.706.4450). The firm also maintains a full-service office in Orange County at 31371 Rancho Viejo Road, Suite 101, San Juan Capistrano, CA 92675 (949.218.4002).
Lowe Enterprises Investors provides real estate investment management services for a select list of institutional and high net worth clients and partners through both individually managed and commingled fund relationships. The firm has been responsible for more than $6 billion in real estate assets, including commercial, hospitality and debt investments, since inception in the late 1980s. Lowe Enterprises Investors has been a leading value-added investor through multiple cycles, employing equity and structured debt in its investment strategies. LEI is an affiliate of Lowe Enterprises, Inc. a Los Angeles-based full service real estate investment, development and management firm. Lowe Enterprises, founded in 1972, marks its 40th year in business in 2012. For further information visit: www.loweinvestors.com
Michael Green and Scott McWhorter formed Virtú Investments in 1997. During this time, Virtú has acquired more than 65 multifamily, office, and industrial properties throughout the western United States - totaling over $800M in real estate. Virtú is built to create high-yield opportunities that generate significant investor cash flow and uncommon total returns. Virtú has achieved these strong returns through a highly selective acquisitions practice and a fully integrated, in-house property management firm. Virtú’s offices are in Larkspur, CA, Carlsbad, CA, Seattle, WA and Scottsdale, AZ.
Venture West Funding, Inc.
Phone or Fax 626.441.4594