Singapore markets closed
  • Straits Times Index

    3,283.35
    -11.51 (-0.35%)
     
  • S&P 500

    4,317.33
    -80.61 (-1.83%)
     
  • Dow

    33,741.67
    -523.70 (-1.53%)
     
  • Nasdaq

    13,475.44
    -293.48 (-2.13%)
     
  • BTC-USD

    33,778.50
    -1,695.06 (-4.78%)
     
  • CMC Crypto 200

    771.57
    -39.03 (-4.82%)
     
  • FTSE 100

    7,354.07
    -140.06 (-1.87%)
     
  • Gold

    1,834.10
    +2.30 (+0.13%)
     
  • Crude Oil

    83.48
    -1.66 (-1.95%)
     
  • 10-Yr Bond

    1.7190
    -0.0280 (-1.60%)
     
  • Nikkei

    27,588.37
    +66.11 (+0.24%)
     
  • Hang Seng

    24,656.46
    -309.09 (-1.24%)
     
  • FTSE Bursa Malaysia

    1,521.86
    -5.20 (-0.34%)
     
  • Jakarta Composite Index

    6,655.17
    -71.21 (-1.06%)
     
  • PSE Index

    7,252.64
    -40.88 (-0.56%)
     

Venture West Funding Arranges $16 Million Loan for San Diego Apartment Refinance

·2-min read

EL SEGUNDO, Calif., December 01, 2021--(BUSINESS WIRE)--Venture West Funding, a commercial mortgage brokerage firm headquartered in El Segundo, CA, announced it has arranged the $16M refinance of the Arbor Crest on Fourth apartment building in San Diego, CA.

The newly built luxury 50-unit apartment building is well-located in the Hillcrest neighborhood, a short walk from UC San Diego Medical Center and Scripps Mercy Hospital. Arbor Crest on Fourth features spacious studio and one-bedroom apartments with high-end finishes including white quartz countertops, stainless steel appliances, and black stone oak vinyl flooring. The 48-units above street level have private balconies, many of which offer breathtaking views of Point Loma, Mission Valley, and/or the Cuyamaca Mountains.

Steven Smith, Director of Originations at Venture West Funding, arranged the loan with HomeStreet Bank. The $16 million loan is fixed for 7 years and features 3 years of interest only and cash-out. The 75-day rate lock structure allowed the borrowers to lock a low interest rate early, prior to completion of leasing. According to Steven Smith, "Arbor Crest on Fourth is a crown jewel apartment building and we are thrilled for the Arbor Crest LLC owners and the Hillcrest community. The project idea began 30+ years ago upon acquisition of an adjacent parcel. Seeing Arbor Crest on Fourth complete with attractive long-term financing secured is a true joy."

Venture West Funding was founded in 1997 and has closed over $10 billion in loan originations since 2001. Venture West is one of the largest Southern California mortgage brokerage firms of its kind specializing in commercial, single-family, and apartment loans. Venture West Funding is headquartered at 2321 Rosecrans Avenue, Suite 1255, El Segundo, CA 90245.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211201006221/en/

Contacts

Steven Smith
Director of Originations
Venture West Funding Inc.
2321 Rosecrans Avenue, Suite 1255
El Segundo, CA 90245
Office: (310) 706-4457
ssmith@ventwest.com

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting