Venture West Funding Arranges $19.50MM Loan for Santa Monica Apartment Building
Venture West Funding, a commercial mortgage brokerage firm headquartered in El Segundo, CA, announced it has arranged the $19,500,000 cash-out refinance of Sundial Apartments in Santa Monica, CA. The 48-unit, 1969-built apartment building is located within walking distance of Palisades Park, Santa Monica Beach, 3rd Street Promenade, and Montana Ave. The property contains a mix of high-end one-bedroom, one-bedroom plus den, two-bedroom, and two-bedroom penthouse units. The designer units include real hardwood floors, stone fireplaces, and large balconies with details of marble backsplash, quartz countertops, stainless-steel appliances, and washers & dryers. Project amenities include ocean views, controlled access, pool, sauna, laundry room, courtyard, on-site management, and security surveillance as well as podium parking spaces.
Matt Douglas and Jackson Miller of Venture West Funding arranged the financing with First Foundation Bank. The 10-year fixed rate loan includes full term interest-only payments and is non-recourse to the Borrower. According to Matt Douglas, “Together with First Foundation Bank, we were able to satisfy the Borrower’s objectives by providing significant cash-out at a competitive rate. The Borrower was fortunate in locking the interest rate in January when treasury yields were more favorable." The Venture West team worked diligently with the Borrower and lender to ensure a successful loan closing.
"Unlike many other loans I've completed in the past, Jackson and Matt made the entire process simple and straightforward. I strongly recommend Venture West Funding," said the Borrower.
Venture West Funding was founded more than 25 years ago and has placed over $12 billion in loan originations in the past 20 years. 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 2321 Rosecrans Avenue, Suite 1255, El Segundo, California 90245.