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Venture West Funding Arranges $29.5 Million Loan on Redwood Gateway Shopping Center in Petaluma, California
El Segundo, Calif.-(BUSINESS WIRE) – October 3, 2006--Southern California-based Venture West Funding, Inc. announced it has arranged a $29.5 million permanent loan on Redwood Gateway, a 141,691-SF community shopping center located in Petaluma, Sonoma County, California. The permanent loan replaces a City National Bank $21 million construction loan.
Redwood Gateway is anchored by Kohl’s, Michael’s and Pier 1 Imports and is 98% leased. An additional 16,798-SF building to house Shoe Pavilion is currently under construction and is expected to open by December 1st. The retail center is owned by an affiliate of Robertson Properties Group, which develops and manages commercial real estate through California. Matt Douglas of Venture West Funding arranged the financing through Bear Stearns.
Redwood Gateway has 10 retail shop spaces, of which eight are occupied. The property is located at 1351-1371 N. McDowell Boulevard in Petaluma, California. Population in Sonoma County is expected to grow 6.34% by 2010, according to the Association of Bay Area Governments.
According to Douglas, “Working with the owner and lender, we maximized the loan amount by leveraging the value of this retail center and locking in a rate at the lowest levels in six months. We have been successful in arranging loans throughout the United States and this loan is an example of our ability to offer a diverse array of real estate financing options and professional experience to our clients.”
Venture West Funding was founded over 10 years ago, and has funded more than $2.5 billion in loan volume during the past three years. 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 92614 (949.475.5573).
Robertson Properties Group is a privately owned real estate company that specializes in managing, investing in and developing retail properties. The firm is actively pursuing new development opportunities ranging from 10 to 100+ acres, with a focus on the western United States and Hawaii. Additionally, RPG is seeking to invest approximately $80 million in the acquisition of operating retail centers located in Southern California. The firm's solid track record and experience, access to capital and strong financing relationships allows it to be flexible in deal structures and provides the ability to close deals quickly. Headquartered in Los Angeles, Robertson Properties Group owns and manages more than five million square feet of retail, industrial, and office space.
CONTACT: Venture West Funding
Matt Douglas
Direct (310) 706.4456 ext. 229
(800) 576.2414 ext. 247
Fax: (310)
943-2129
mattd@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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