Venture West Arranges $16M Loan for Tucson, AZ Office Building
EL SEGUNDO, Calif.--(BUSINESS WIRE)--Dec 3, 2019--
Venture West Funding, Inc., a mortgage company headquartered in El Segundo, CA, announced it has arranged a $16 million loan for the refinance of a 141,295 square foot multi-tenant office building located in Tucson, AZ. This Class A building is Energy Star-rated and is walking distance from the Tucson Mall. It was acquired by an affiliate of a Los Angeles investor for $26.5 million in late 2015. The property is 92% leased to several national tenants including Centene, Tsomas Engineering and Aecom. The property was originally built in 1986, renovated in 2004 and again in 2018, and is situated on 10 acres.
Matt Douglas and his team at Venture West Funding worked on behalf of the borrower to secure the financing through Goldman Sachs. The 10-year fixed-rate interest-only loan was ideal for the client’s long-term plans. According to Mr. Douglas, “We were fortunate to lock at a low point at the interest rate cycle below 3.5%. The Venture West team worked diligently with the borrower and lender to ensure a successful loan closing.”
Venture West Funding was founded more than 20 years ago and has placed more than $10 billion in loan originations since 2001. Venture West Funding is one of the largest firms of its kind operating throughout Southern California and specializes in providing mortgage loans secured by apartment buildings, commercial properties and single-family homes to a wide variety of borrowers. Venture West Funding is headquartered at 2301 Rosecrans Avenue, Suite 3170, El Segundo, California 90245 (310.706.4450). The firm also maintains a full-service office in Orange County at 27184 Ortega Highway, Suite 103, San Juan Capistrano, CA 92675 (949.218.4002).
View source version on businesswire.com:https://www.businesswire.com/news/home/20191203005376/en/
CONTACT: Venture West Funding, Inc.
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA ARIZONA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES COMMERCIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & PROPERTY CONSULTING BANKING
SOURCE: Venture West Funding
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PUB: 12/03/2019 11:08 AM/DISC: 12/03/2019 11:08 AM