Venture West Funding, a leading commercial mortgage brokerage firm based in El Segundo, successfully secured a $30.25-million refinancing deal for an upscale apartment complex situated in the heart of Hollywood. The property is owned by Phoenix Group LLC’s subsidiary and managed by UrbanLux; however, its specific location remains undisclosed. Matt Douglas, principal at Venture West orchestrated the financing through First Foundation Bank.
The loan has been structured as a three-year fixed-rate with interest-only payments and a flexible prepayment schedule to meet the borrower’s objectives. According to Douglas, “We closely collaborated with First Foundation to provide our client with competitive rates while also ensuring flexibility for potential future refinancing if market rates decrease.” The property was purchased just over a year ago before the implementation of luxury tax regulations which makes this financing deal even more advantageous for the borrower.
Built-in 1989, this 136-unit complex boasts an impressive occupancy rate of 99% and enjoys prime proximity to major Hollywood landmarks as well as Century City and Downtown Los Angeles.
