Venture West Funding Facilitates $30.25 Million Loan for Luxury Apartment Building Refinance in Hollywood, CA
26 Junio 2024 - 3:48PM
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.
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Venture West Funding Matt Douglas, 310-706-4462
mattd@ventwest.com