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Venture West Funding Arranges $7.55 Million Loan for Condo Conversion in Redondo Beach, CA
El Segundo, Calif.-(BUSINESS WIRE) – June 5, 2006--Southern California-based Venture West Funding, Inc. announced it has arranged a $7.55 million acquisition and development loan on a 13-unit multifamily property in Redondo Beach, California. Chris Cota of Venture West arranged the financing with a Los Angeles bank for a South Bay developer. The prime-based loan has a feature allowing the client to adjust to a one or three-month LIBOR-based loan, at his option.
According to Cota, “The fact that this loan was funded at 85% of the total project costs, including all acquisition and development costs and release prices, makes this somewhat unique. The property is in a prime location, has ocean views and should be a highly-successful project.”
Venture West Funding was founded 10 years ago, and has placed more than $4 billion in loan originations since 2000. Venture West 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 is headquartered at 2301 Rosecrans Avenue, Suite 3100, El Segundo, California, 90245 (310.706.4450). The firm also maintains a full service office in Orange County at 2 Park Plaza, Suite 220, Irvine, California (949.475.5573).
CONTACT: Venture West Funding
Chris Cota
(310) 706.4453, Extension 255
CCota@ventwest.com
www.venturewestfunding.com
or
Santley Associates
Tom Santley
Phone or Fax (626) 441-4594
tsantley@socal.rr.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: BANKING REAL ESTATE
SOURCE: Venture West Funding
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