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6/24/15
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Venture West Funding Inc has arranged $18.145 mil in refi loans on three apartment buildings in Hollywood and the San Fernando Valley communities of North Hollywood and Encino.
The 24-unit Encino property and the 15-unit North Hollywood property were both constructed in the mid 2000’s and feature pools and state-of-the-art amenities. The 44-unit Hollywood property is located in a premier location off Sunset Blvd and is remarkably maintained. The borrowers are experienced real estate investors who own several similar multi-family buildings across the Los Angeles area.
Matt Douglas of Venture West Funding arranged the financing through Umpqua Bank. The non-recourse loans are at a very competitive seven-year fixed rate with flexible pre-payment penalty structures. According to Douglas, they were able to satisfy the borrowers’ objectives by providing significant cash-out at a competitive rate. The borrowers were fortunate in locking the interest rate in March when treasury yields were more favorable.
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