Venture West Funding, Inc., a mortgage company headquartered in El Segundo, CA announced it has arranged a $5.4 million loan for the refinance take-out of a $4.5 million construction loan on the Westwood Villas apartment building located at 4100 W Illinois Avenue in Midland, TX. Construction of the 52-unit apartment complex was completed in 2014. The property is managed by Capstone Real Estate Services, Inc. which is one of the top third-party managers in the country. The borrower is an experienced real estate investor who also owns the adjacent Westwood Village Shopping Center.
Matt Douglas and Jean-Marc Herrouin of Venture West Funding arranged the financing through Berkadia Commercial Mortgage, LLC to Freddie Mac. The non-recourse loan is at a very competitive 10-year fixed rate and provided the borrower significant cash-out. According to Mr. Douglas, "Together with Berkadia Commercial Mortgage, LLC we were able to fulfill the borrower's unique objectives by providing advantageous loan terms at a very competitive rate. This refinance allowed the borrower to replace the construction loan with permanent debt while maintaining profitable cash-flow." The Venture West team worked closely with the borrower and lender to ensure a successful loan closing.
Venture West Funding was founded more than 17 years ago and has placed more than $8 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
Matt Douglas, 310-706-4462
Jean-Marc Herrouin, 310-706-4456
Tom Santley, 626-441-1445
Published: February 04, 2015