Venture West Funding Facilitates $14.68 Million Loan for Van Nuys Luxury Apartment Building Refinance

EL SEGUNDO, Calif.--(BUSINESS WIRE)--Venture West Funding, a leading commercial mortgage brokerage firm headquartered in El Segundo, CA, proudly announces the successful arrangement of a $14,680,000 refinance of a luxury apartment building located in Van Nuys, CA. Completed in 2022, the 54-unit property boasts full occupancy and is strategically positioned in close proximity to the Van Nuys airport with convenient freeway access.

The upscale apartment building features a blend of high-end studio, one, two, and three-bedroom units designed with modern elegance. Highlights include hardwood floors, fireplaces, and spacious balconies adorned with marble backsplash, quartz countertops, stainless-steel appliances, and in-unit washers & dryers. Project amenities encompass on-site management, a state-of-the-art security surveillance system, a fully-equipped gym, and rooftop fire pits, providing residents with a luxurious living experience.

Principal of Venture West Funding Matt Douglas successfully orchestrated the financing arrangement with First Citizens Bank. The 5-year fixed-rate loan is structured to include interest-only payments and a flexible prepayment schedule. According to Douglas, "Together with First Citizens, we were able to satisfy the Borrower’s objectives by providing a competitive rate with the flexibility to refi if rates go lower. The Borrower was fortunate in locking the interest rate in January when treasury yields were more favorable." The Venture West team demonstrated unwavering dedication, working seamlessly with both the Borrower and lender to ensure a smooth and successful loan closing.

Established over 25 years ago, Venture West Funding has solidified its position as a prominent player in the industry, having facilitated over $12 billion in loan originations over the past two decades. Specializing in mortgage loans secured by apartment buildings, commercial properties, and single-family homes, Venture West Funding operates as one of the largest firms of its kind in Southern California. The company's headquarters are located at 2321 Rosecrans Avenue, Suite 1255, El Segundo, California 90245.