MANHATTAN BEACH, CA - Venture West Funding, Inc., a mortgage company headquartered in Manhattan Beach, CA announced it has arranged a $14 million loan for the acquisition of 124 units in the Central Park apartment complex in La Mesa, CA. The project was built in 1989 and completely renovated to condos in 2006. Amenities include swimming pools; spa, fitness and business centers; and a clubhouse. Some units have upgraded stainless steel appliances, granite counter tops, new fixtures, and carpet. Central Park La Mesa consists of seven buildings on 12.63 landscaped acres.
Source: Venture West Funding
Don Simkins, Senior Vice President, arranged the financing through CapitalSource for JH Real Estate Partners based in Orange County, CA. JH Real Estate Partners currently owns and manages over 3,000 multifamily units and 360,000 SF of retail. The seller, Nordbank of Germany, acquired the property in November 2009.
According to Simkins, "We secured a 5-year fixed, non-recourse loan amortized over 30 years. The loan has prepayment flexibility as well as borrower-required leverage. Our lending partner CapitalSource offered competitive rates and flexibility for our borrowers."
In 2010, Venture West Funding has arranged and funded numerous loans with CapitalSource, which is lending on loan amounts from $750,000 to $15.0 million on stabilized, well-located properties in California. According to Matt Douglas, Principal of Venture West Funding, "We're pleased to partner with CapitalSource. It is a great opportunity to capture significant market share, especially in today's challenging credit markets."
CapitalSource is a commercial lender that provides financial products to middle market businesses and offers depository products and services in southern and central California through its wholly owned subsidiary CapitalSource Bank. As of June 30, 2010, CapitalSource had total assets of $10.7 billion and $4.6 billion in deposits. The Company is headquartered in Chevy Chase, MD.
Venture West Funding was founded more than 13 years ago and has placed more than $6.0 billion in loan originations since 2002. 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.