Venture West Funding, Inc., a mortgage company headquartered in El Segundo, CA announced it has arranged $24.75 million in acquisition financing for a 92-unit apartment building located in the Hollywood area of Los Angeles, CA. The buyer is Phoenix Group. Venture West arranged the loan with First Foundation Bank.
Matt Douglas, Principal of Venture West Funding and his team worked closely with the lender to ensure a smooth execution. The loan is secured by a competitive 7-year fixed rate with prepayment flexibility. Phoenix Group (PG) is an investment group focusing on multifamily acquisitions in Southern California. This $45 million dollar sale is one of the largest transactions in Hollywood this year. PG is seeking other similar opportunities in well-located markets.
The building was built in 1987 with significant renovations completed over the last three years. The 92-unit non-rent control building includes upgraded kitchens and baths in the mostly two bedroom spacious units. Amenities include a pool, lounge seating, BBQ grills, fitness center and a dog wash. The Hollywood location is close proximity to the entertainment industry, restaurants and shopping.
Venture West Funding was founded more than 20 years ago and has placed more than $10 billion in loan originations since 2001. Venture West Funding 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 Funding is headquartered at 2301 Rosecrans Avenue, Suite 3170, El Segundo, California 90245 (310.706.4450). The firms also maintains a full-service office in Orange County at 27184 Ortega Highway, Suite 103, San Juan Capistrano, California 92675 (949.218.4005).
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