VWF Arranges Three Loans Totaling $16 Million for Three Apartment Buildings in Texas
El Segundo, CA – (BUSINESS WIRE) – April 4, 2013 - Venture West Funding, Inc., a mortgage company headquartered in El Segundo, CA announced it arranged loans totaling $16 million for the refinance of three apartment buildings located in Arlington, Galveston, and Conroe, TX. The loans were arranged through Berkadia Commercial Mortgage, LLC for three single-asset entities.
The managing member of the three entities is Steve Grott, a real estate investor based in Colorado. Matt Douglas, of Venture West Funding and his team worked closely with Berkadia Commercial Mortgage as a Freddie Mac execution. The loans were secured at a very competitive non-recourse 10-year fixed rate with rates as low as 3.82%.
“We were able to maximize loan proceeds through aggressive, common-sense underwriting,” according to Douglas. “ The borrower timed his refinancing well in this low interest rate environment with two of the three loans coming due within 30 days.”
The 405 units, divided between 3 projects, are all 1980’s construction with similar amenities. The complexes are located in beautiful garden-style communities, close to an abundance of entertainment and dining options. The units range from 480 to 1,440 square feet with several different floor plans from which to choose. All three properties are managed by Centra Partners based in Houston.
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.
Matt Douglas 310.706.4462
Published: April 04, 2013