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Los Angeles — Venture West Funding has arranged a $4.78 million loan for the purchase of a USC student housing community.
Los Angeles — Manhattan Beach, Calif.-based Venture West Funding has arranged a $4.78 million loan for the purchase of a Los Angeles apartment community that provides off-campus housing for University of Southern California (USC) students. The property consists of four, non-contiguous buildings that were constructed in the 1950s and 1960s. The property underwent a renovation in 2009. The non-recourse financing carries a 5-year term, a 30-year amortization schedule, a fixed interest rate below 6 percent and an approximately 70 percent loan-to-value ratio. Don Simkins of Venture West’s Orange County office arranged the loan through CapitalSource Bank. The borrower’s name was not released.
— Coleman Wood