EL SEGUNDO, Calif.--(BUSINESS WIRE)--Venture West Funding, Inc., a mortgage company headquartered in El Segundo, CA announced it has arranged a $21 million loan for a single-tenant Ralphs grocery store in Santa Monica, CA. The well-located 51,000 square foot single-story building was originally built in 1996. The borrower, Santa Monica Gateway, LLC, an affiliate of Robertson Properties Group (RPG), is a leading Los Angeles-based real estate developer, investor, and property manager. RPG manages approximately six million square feet of developed projects and over 10 million square feet of developable land.
Matt Douglas of Venture West Funding arranged the financing through John Hancock Life Insurance Company. According to Mr. Douglas, "We were pleased to have placed another loan for this developer at a competitive long-term fixed rate. Together with John Hancock Life Insurance Company, we were able to satisfy the borrower's objectives by retiring the existing debt and providing cash out for future investments. We were also pleased they locked at a favorable time before the recent rise in interest rates." The Venture West team worked diligently with the borrower and lender to ensure a successful and efficient loan closing.
Venture West Funding was founded more than 20 years ago and has placed more than $10 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 27184 Ortega Highway, Suite 104, San Juan Capistrano, California 92675 (949.218.4002).