EL SEGUNDO, CA - Venture West Funding, Inc., a mortgage company headquartered in El Segundo, CA. announced it has arranged a $10 million loan for the refinance of a 100-unit luxury apartment complex in Pomona, CA. Matt Douglas of Venture West Funding arranged the financing through CapitalSource for the apartment complex, which is owned by a joint venture between Virtú Investments and a commingled investment fund sponsored by Lowe Enterprises Investors, a Los Angeles-based real estate investment manager and affiliate of national full service real estate firm, Lowe Enterprises, Inc. Virtú Investments currently owns and manages over 5,000 apartment units in the Western states and is headquartered in San Francisco, CA.
Known as Helix at University Village, the complex is located at 510 E. 3rd Street in Pomona, CA. and primarily serves as graduate student housing for Western University of Health Sciences across the street. Helix at University Village, built in 2006, consists of 52 two-bedroom units and 48 one-bedroom/studio units totaling 65,596 sq. ft. and is currently 99% occupied. Amenities include a fitness center, two large public courtyards with BBQ areas, a fourth-floor terrace and lounge, indoor group and study areas. Interior units feature built-in appliances, track lighting, double paned windows, refrigerator, central HVAC, and private balconies on select units.
According to Douglas of Venture West, “We secured a very competitively priced loan funded by CapitalSource, which offered the best rates and greatest flexibility for our borrower.” Alon Kraft, Vice President of Lowe Enterprises Investors added, “Venture West and CapitalSource tailored a non-recourse, fixed-rate loan with flexible prepayments while meeting the requirements of our fund clients and partner.”
Venture West Funding was founded more than 15 years ago and has placed more than $7.4 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.
Source: Venture West / #Multifamily #Apartments