El Segundo mortgage company Venture West Funding Inc. announced Tuesday it arranged nearly $51 million in loans to refinance two newly-constructed apartment buildings totaling 120 units.
Both properties were developed by the borrower, Weisman Residential of Sawtelle, which is using the money million to pay off construction loans.
The properties are an 84-unit property at 711 Cole Ave. in Hollywood adjacent to Hancock Park and a 36-unit building at 129 S. Kings Road in Beverly Grove.
Matt Douglas, chief executive and founder of Venture West Funding, arranged the financing through Banc of California. The three-year, interest-only loans are at a 7-year fixed rate, Douglas said.
“This shows that local California banks are being more aggressive in their underwriting on new product to well-established sponsors or borrowers in well-located properties,” Douglas said in a phone interview.
Real estate reporter Neil Nisperos can be reached at email@example.com. Follow him on Twitter @ReporterNeil for the latest in L.A. real estate news.