Venture West Funding Facilitates $30.25 Million Loan for Luxury Apartment Building Refinance in Hollywood, CA

EL SEGUNDO, Calif.--(BUSINESS WIRE)--Venture West Funding, a commercial mortgage brokerage firm headquartered in El Segundo, CA, announced the successful arrangement of a $30.25 million refinance for a luxury apartment building located in the Hollywood area of Los Angeles, CA. Built in 1989, the 136-unit property maintains an impressive 99% occupancy rate and is well-located near major Hollywood landmarks, Century City and Downtown Los Angeles.

Residents enjoy a range of amenities including an on-site management office, state-of-the-art security surveillance, a fully equipped gym, a pool and a grilling area. The property is owned by a subsidiary of Phoenix Group LLC and is managed by UrbanLux.

Principal of Venture West Funding, Matt Douglas, orchestrated the financing through First Foundation Bank. The 3-year fixed loan is structured to include interest-only payments and a flexible prepayment schedule. According to Douglas, “Working closely with First Foundation, we met the borrower’s objectives by providing a competitive rate with the flexibility to refinance if rates decrease. The property was purchased just over a year ago, shortly before the implementation of the luxury tax. The borrower was fortunate to lock in the interest rate at the beginning of April when Treasury yields were more favorable.” The Venture West team worked closely with 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 loan originations in the past two decades. Specializing in mortgage loans secured by apartment buildings, commercial properties and single-family homes, Venture West funding operates 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.