Venture West Funding, Inc., a mortgage company headquartered in El Segundo, CA, announced it has arranged a $10.2 million loan for the refinance of a shopping center. Pride Center is located at Victory Boulevard and Fallbrook Avenue in Woodland Hills, CA. The 13.88-acre site supports eight tenants in 185,265 square feet. Owned by Pride Center Co., LLC, the center is anchored by Albertsons, Bank of America, CVS, Pep Boys, Tuesday Morning, HomeGoods, Harbor Freight Tools and Jo-Ann Stores.
Jean-Marc Herrouin of Venture West Funding arranged the financing through Farmers & Merchants Bank. According to Herrouin, "We were able to refinance the existing debt plus cash out even though the Albertsons is currently dark and available for sublease. With this new loan in place, the borrower substantially improved cash flow, and financing costs are now fixed for the next seven years at a historically low interest rate. This particular loan program has no prepay, which provides the borrower with ultimate flexibility. This large loan is an example of our ability to offer a diverse array of real estate financing options to our clients."
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 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
Jean-Marc Herrouin, 310-706-4456
Tom Santley, 626-441-1445
Published: August 10, 2015