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EL SEGUNDO, Caliph .– (BUSINESS WIRE) – Venture West Funding, a commercial mortgage brokerage firm headquartered in El Segundo, CA, announced that it has arranged a $ 16 million refinance for the Arbor Crest on Fourth Apartment building in San Diego, CA.
The newly built, luxury 50 unit apartment building is conveniently located in the Hillcrest neighborhood, just a short walk from UC San Diego Medical Center and Scripps Mercy Hospital. The Arbor Crest on Fourth has spacious studio and one-bedroom apartments with high-end finishes, including white quartz countertops, stainless steel appliances, and black oak stone vinyl floors. The 48 units above street level have private balconies, many of which have 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 has a term of 7 years with only 3 years of interest and payout. The 75-day fixed interest rate structure enabled borrowers to freeze a low interest rate in good time before concluding the lease. Says Steven Smith, “Arbor Crest on Fourth is a Crown Jewel home and we are excited for the owners of Arbor Crest LLC and the Hillcrest community. The project idea began over 30 years ago with the acquisition of an adjacent parcel. It is a real pleasure to see Arbor Crest finish in fourth place with attractive long-term funding. ”
Venture West Funding was founded in 1997 and has borrowed over $ 10 billion since 2001. Venture West is one of the largest Southern California mortgage brokers of its kind, specializing in commercial, single-family, and home loans. Venture West Funding is headquartered at 2321 Rosecrans Avenue, Suite 1255, El Segundo, CA 90245.
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