Matt Douglas, a principal of Venture West Funding and the brokeron the deals, tells GlobeSt.com that all are non-recourse loans."We originated these loans about four to five months ago to takeadvantage of low rates," Douglas says. "These would have been moredifficult in today's credit environment if we were initiating themnow."

Douglas arranged the financing for the $12.35 million in loansthrough Union Bank and Luther Burbank Savings for a NorthernCalifornia-based apartment investor. The four apartment buildingsinclude three in Brentwood and one in Sherman Oaks that are anaggregate of 97% occupied.

[IMGCAP(2)]The refinancings involved three five-year fixed rateloans and one 10-year fixed with an average rate less than 5.5%.The loan-to-value ratio ranges from 35% to 70% on the fourbuildings. Despite the general real estate credit crunch and thetightening of underwriting standards by lenders, Douglas commentsthat Venture West remains "very bullish on the outlook formultifamily lending during these volatile credit markets."