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Venture West Arranges $30M Refi for Hollywood Apartments
Venture West Funding, a commercial mortgage brokerage firm headquartered in El Segundo, arranged a $30.25-million refinance for a luxury apartment building located in Hollywood. The property is owned by a subsidiary of Phoenix Group LLC and is managed by UrbanLux; the address was not disclosed. Venture West principal Matt Douglas orchestrated the financing through First Foundation Bank.
The three-year fixed-rate loan is structured to include interest-only payments and a flexible prepayment schedule. Douglas said, “Working closely with First Foundation, we met the borrower’s objectives by providing a competitive rate with the flexibility to refinance if rates decrease. The property was purchased just over a year ago, shortly before the implementation of the luxury tax. The borrower was fortunate to lock in the interest rate at the beginning of April when Treasury yields were more favorable.”
Built in 1989, the 136-unit property maintains a 99% occupancy rate and is well-located near major Hollywood landmarks, Century City and Downtown Los Angeles.
- ◦Financing
