Venture West Funding, Inc., a mortgage company headquartered in El Segundo, CA announced it has arranged loans totaling $10.1 million for the purchase of two apartment buildings located in the San Fernando Valley. The buyer is a Beverly Hills-based developer and real estate investment company.
Klump Avenue Apartments, located in North Hollywood, CA, was constructed in 2008. The project was built as condominiums and contains 15 2-bedroom, 2.5 bath plus den units and is currently 100% occupied. Units average 1,300 square feet and include a high quality finish with a full amenity package. White Oak Regency, located in a prime section of Encino, CA, is a 24-unit luxury condominium built in 2007. Nineteen of the 24 are 3-bedroom units with large and open floor plans. Both properties are quality assets and well-located properties with great unit mix. The loans were funded with CapitalSource and Sterling Savings Bank and were tailored to the needs of the client with high leverage and pre-payment flexibility. Matt Douglas, principal of Venture West Funding arranged the financing.
“We were able to fully satisfy the borrower’s objectives by securing high-leverage, 5-year fixed, non-recourse loans with competitive rates,” according to Douglas.
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, California 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, California 92675 (949.218.4002).
Venture West Funding, Inc.
Tom Santley, 626.441.4594
Published: June 18, 2012