The new owners acquired the building several months ago from Royal Investment Systems Partnership, according to Matt Douglas of El Segundo-based Venture West Funding Inc., a mortgage brokerage firm that arranged the loan through KeyBank Commercial Mortgage.
Dougas tells GlobeSt.com. the loan provides funds for tenant improvements, leasing commissions, and minor rehabilitation. He says the 22-story building was built in 1982 and has undergone several minor renovations since. The multi-tenant building is 93% occupied, he says, and includes some ground floor retail space.
Privately owned Venture West arranges loans for the purchase and refinance of single-family homes, apartment buildings and commercial properties.
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