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.
Steven Smith Director of Originations Venture West Funding Inc. 2321 Rosecrans Avenue, Suite 1255 El Segundo, CA 90245 Office: (310) 706-4457 firstname.lastname@example.org