Venture West Funding Arranges $16 Million Loan for San Diego Apartment Refinance
Venture West Funding, a commercial mortgage brokerage firm headquartered in El Segundo, CA, announced it has arranged the $16MM refinance of the Arbor Crest on Fourth apartment building in San Diego, CA.
The newly built luxury 50-unit apartment building is well-located in the Hillcrest neighborhood, a short walk from UC San Diego Medical Center and Scripps Mercy Hospital. Arbor Crest on Fourth features spacious studio and one-bedroom apartments with high-end finishes including white quartz countertops, stainless steel appliances, and black stone oak vinyl flooring. The 48-units above street level have private balconies, many of which offer breathtaking views of Point Loma, Mission Valley, and/or the Cuyamaca Mountains.
Steven Smith, Director of Originations at Venture West Funding, arranged the loan with HomeStreet Bank. The $16 million loan is fixed for 7 years and features 3 years of interest only and cash-out. The 75-day rate lock structure allowed the borrowers to lock a low interest rate early, prior to completion of leasing. According to Steven Smith, “Arbor Crest on Fourth is a crown jewel apartment building and we are thrilled for the Arbor Crest LLC owners and the Hillcrest community. The project idea began 30+ years ago upon acquisition of an adjacent parcel. Seeing Arbor Crest on Fourth complete with attractive long-term financing secured is a true joy.”
Venture West Funding was founded in 1997 and has closed over $10 billion in loan originations since 2001. Venture West is one of the largest Southern California mortgage brokerage firms of its kind specializing in commercial, single-family, and apartment loans. Venture West Funding is headquartered at 2321 Rosecrans Avenue, Suite 1255, El Segundo, CA 90245.
Contact:
Steven Smith Director of Originations Venture West Funding Inc. 2321 Rosecrans Avenue, Suite 1255 El Segundo, CA 90245 Office: (310) 706-4457 ssmith@ventwest.com
