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Thursday, Mar 28, 2024

Apartment Owners Refinance

Venture West Funding of El Segundo, Calif. has arranged $24 million in refinancing for two owners of multi-family properties in Sherman Oaks, Chatsworth and Brentwood. Matt Douglas, principal of Venture West brokered the deals. In the first deal, Douglas arranged the financing for $12.35 million in loans through Union Bank and Luther Burbank Savings for a Northern California-based apartment investor. The four apartment buildings include one 66-unit property at 14343 Addison St. in Sherman Oaks and three in Brentwood that are an aggregate of 97% occupied. Union Bank is the lender for the Chatsworth property owned by a Los Angeles-based private investor. The 80-unit property at 9101 Topanga Canyon Blvd. is 98 percent occupied and was appraised in excess of $17 million. Three five-year fixed rate loans and one 10-year fixed with an average rate less than 5.5 percent comprised the refinancing deals. The loan-to-value ratio ranges from 35 percent to 70 percent on the four buildings.

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