EL SEGUNDO, Calif.--(BUSINESS WIRE)--Venture West Funding, Inc., a mortgage company headquartered in El Segundo, CA, announced it has arranged $50.90 million in loans for the refinance of two newly constructed apartment buildings totaling 120 units in Los Angeles, CA. An 84-unit property is located at 711 Cole Avenue in the Southern section of Hollywood adjacent to Hancock Park. The building features panoramic views of Los Angeles, a gym, rooftop decks, and designer fixtures. The 36-unit 129 S. Kings Road building is in the heart of the Beverly Grove neighborhood with close proximity to the Beverly Center and The Grove.
Matt Douglas of Venture West Funding arranged the financing through Banc of California. The loans are at a very competitive 7-year fixed rate with three years of interest only. According to Mr. Douglas, "The loans featured extended rate locks protecting the interest rate during the lease up period. The Kings Road property was funded immediately upon stabilization. The Cole Avenue property was structured as a two-tier funding enabling the construction loan to be paid while the property was being stabilized. Together with Banc of Cal, we were able to structure these financing solutions to uniquely fit the borrower’s needs." The Venture West team worked diligently with the borrower and lender to ensure successful loan closings.
Venture West Funding was founded more than 20 years ago and has placed more than $9 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).