Venture West Funding arranges $ 16 million loan to refinance apartment in San Diego
Enter Wall Street with Street Insider Premium. Claim your 1-week free trial here.
EL SEGUNDO, Calif .– (BUSINESS WIRE) – Venture West Funding, a commercial mortgage brokerage firm headquartered in El Segundo, Calif., Has announced it has arranged the $ 16 million refinancing of the Arbor Crest building on Fourth in San Diego, California.
The newly constructed 50 unit luxury apartment building is conveniently located in the Hillcrest neighborhood, within walking distance of UC San Diego Medical Center and Scripps Mercy Hospital. Arbor Crest on Fourth offers spacious studios and one-bedroom apartments with high-end finishes including white quartz countertops, stainless steel appliances, and black oak vinyl flooring. The 48 units above street level have private balconies, many of which offer expansive views of Point Loma, Mission Valley, and / or the Cuyamaca Mountains.
Steven Smith, Creative Director at Venture West Funding, arranged the loan with HomeStreet Bank. The $ 16 million loan is for 7 years and has 3 years of interest and cash only. The 75-day rate lock-in structure allowed borrowers to lock in a low interest rate early, before the lease was completed. According to Steven Smith, “Arbor Crest on Fourth is a crown jewel apartment building and we are thrilled to the owners of Arbor Crest LLC and the Hillcrest community. The idea for the project started more than 30 years ago with the acquisition of an adjacent plot. Seeing Arbor Crest on Fourth come to an end with attractive long-term guaranteed funding is a real joy. ”
Venture West Funding was founded in 1997 and has completed over $ 10 billion in loan origination since 2001. Venture West is one of Southern California’s largest mortgage brokerage firms specializing in commercial, single-family and mortgage brokerage. of apartments. Venture West Funding is headquartered at 2321 Rosecrans Avenue, Suite 1255, El Segundo, CA 90245.
Director of Origins
Venture West Funding Inc.
2321, avenue Rosecrans, suite 1255
El Segundo, California 90245
Office: (310) 706-4457
Source: Funding from Venture West