Venture West Funding, Inc., a mortgage company headquartered in El Segundo, CA, announced it has arranged an $8 million loan for the $14.5 million purchase of Glendora Park Place Apartments in Glendora, CA. The property was built in 2006 and is comprised of 50 residential units and three retail suites.
Loren Tirone of Venture West Funding arranged the financing through Umpqua Bank. The non-recourse loan is at a very competitive seven-year fixed rate with five years of interest-only payments. According to Ms. Tirone, "Together with Umpqua Bank, we were able to tailor the loan to the exact needs of the borrowers.” Glendora Park Place is located near Route 66, the 210 and 57 Freeways with close proximity to Azusa Pacific University and Citrus Community College. The property features 50 large, high-quality residential units and commercial space currently occupied by two dental offices. Apartment amenities include gourmet kitchens, hardwood floors and a spacious clubhouse. Escrow closed in 35 days with the buyer represented by Frank Dinari of Sperry Commercial Irvine.
Venture West Funding was founded more than 18 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 in El Segundo, California, and also maintains a full-service office in San Juan Capistrano, California.
Venture West Funding
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(248) 767-2607 - Mobile
Published: April 15, 2015