The $18 million loan for the refinancing of the Long Beach Town Square shopping center in 2100 E Carson Street, Long Beach, California, was announced to be arranged by California-based mortgage company, Venture West Funding, Inc.
The loan was arranged by Matt Douglas of Venture West Funding through the John Hancock Life Insurance Company, for an affiliate of the Robertson Properties Group.
"Together with John Hancock, we were able to satisfy the borrower's unique objectives by consolidating debt from two properties into one loan," said Douglas. "This refinance provides our borrower with the flexibility to support their successful real estate investment strategy."
According to the press release of Venture West in Business Wire, the non-recourse loan for the refinance of the 117,701-square-foot center, has a fixed rate of 15 years with 25 years of amortization. The Long Beach Town Square shopping center was built in 1999 and is anchored by Ralphs. The shopping center also has several nationwide tenants, including L.A. Fitness, Supercuts, Chase Bank, and Del Taco.
The John Hancock Life Insurance Company is an established financial services leader that operates as the U.S. unit of Manulife Financial, a leading Canadian-based financial services group serving the financial needs of millions of customers in 22 countries and territories worldwide.
Venture West Funding is a full-service mortgage brokerage firm based at 2301 Rosecrans Avenue, Suite 3170, El Segundo, California, with a full-service office in Orange County at 31371 Rancho Viejo Road, Suite 101, San Juan Capistrano, California. The firm specializes in providing mortgage loans secured by apartment buildings, commercial properties and single-family homes to a wide variety of borrowers. Founded almost two decades ago as a privately-held company, Venture West Funding defines the standards for high quality service, expertise and personalized guidance. Since 2001, Venture West has placed more than $8 billion in loan originations.
