Venture West Closes $51M Refi
- Dec 07, 2017
Venture West Funding Inc. has arranged $50.9 million refinancing for two newly constructed communities totaling 120 units in Los Angeles. The firm secured the seven-year fixed rate loan with three years of interest only through Banc of California.
The portfolio includes a 36-unit community located at 129 S. Kings Road, centrally in Beverly Grove neighborhood and close to Beverly Center and The Grove shopping malls.
The second building at 711 Cole Ave. is situated in the southern part of Hollywood, within walking distance of Hancock Park and comprises a total of 84 units. The asset offers panoramic views of Los Angeles and features designer fixtures. Other amenities include a gym and rooftop decks.
“The loans featured extended rate locks protecting the interest rate during the lease up period. The Kings Road property was funded immediately upon stabilization,” said Matt Douglas of Venture West Funding, in prepared remarks. “The Cole Avenue property was structured as a two-tier funding enabling the construction loan to be paid while the property was being stabilized. Together with Banc of California, we were able to structure these financing solutions to uniquely fit the borrower’s needs.”
Images courtesy of Venture West Funding