EL SEGUNDO, Calif.--(BUSINESS WIRE)--Venture West Funding, Inc., a mortgage company headquartered in El Segundo, CA, announced it has arranged loans totaling $20.2 million for the purchase of two apartment buildings located in Costa Mesa, CA. The loans were arranged through CapitalSource for Richard Julian, Principal of Advanced Real Estate Services (ARES), a client of Northmarq Capital.
The apartment complexes, totaling 158 units, are located at 2000 Parsons Street and 126, 131, 161 E. 18th Street, Costa Mesa, CA 92627. The complexes are located in a beautiful garden-style community a mile from the beach and close to premier shopping and fine dining. The apartments were purchased for a total combined price of $32.5 million. Tyler Bradford, of Venture West Funding, and his team worked closely with Mike Elmore of Northmarq Capital to arrange the financing. The loans were secured at a very competitive rate with flexible prepayment penalties.
“We were able to maximize loan proceeds through aggressive, common-sense underwriting at the actual start rate,” according to Bradford.
The buyer, ARES, plans a complete re-branding of the assets. “Our plan is to upgrade the properties to attract the young professionals who work in the area. We plan to capitalize on the properties’ mid-century architecture to create an environment that feels like a boutique hotel. There is a high demand for apartments with unique design that are well-located,” says Paul Julian, Director at ARES. The company will complete the renovations with its in-house construction company called R 3 Construction. “At R 3, we have three general contractors on staff and the ability to quickly change and adapt to the latest trends in materials, fixtures & finishes,” adds Paul Julian.
Based in Orange County, Advanced Real Estate Services owns and manages over 6,000 multi-family units in Southern California primarily in Orange and Los Angeles Counties. ARES is also developing residential and mixed use projects in San Juan Capistrano, Corona del Mar, and Trabuco Canyon.
Venture West Funding was founded more than 15 years ago and has placed more than $7.4 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).