Venture West Funding Arranges $11.3 Million Loan on Cypress, CA Multi-Family Development Project
EL SEGUNDO, CA – November 17, 2016 – Venture West Funding, Inc. (VWF), a mortgage brokerage company headquartered in El Segundo, CA announced today that it has secured financing for the Cypress Walk Apartments, a 67-unit Class A multi-family development in Cypress, California.
Working on behalf of the borrower, VWF placed the $11.3 million loan with Umpqua Bank. Matt Douglas, principal of VWF said, “Structuring this 24-month construction loan in two stages was advantageous because it allowed the borrower to close escrow on the land, prior to obtaining building permits.” The developer anticipates completion in less than 15 months to meet the strong demand in the area.
Cypress Walk will feature studio, one- and two-bedroom units with high-end finishes including stainless steel appliances and granite countertops. Common area amenities include a 24-hour fitness center, business center, swimming pool with spas, and a barbecue area. Situated on a 1.78-acre site at 4552 Lincoln Avenue in Cypress, CA, the property is centrally located near several parks and award-winning schools. “The developer continues to be one of the top builders in Orange County,” stated Mr. Douglas. “Cypress Walk is the newest of five similar size projects, all within a two mile radius.”
About Venture West Funding
Venture West Funding was founded more than 19 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, Inc.
Matt Douglas, 310-706-4462
Tom Santley, 626-441-1445
Published: November 17, 2016