Venture West Secures $16M in Refis

CONROE, TX-Venture West Funding Inc., operating on behalf of multifamily complex owner Steve Grott, has obtained refinancing to the tune of $16 million on three properties. The class B properties benefitting from the loans are locally based Central Park Condos, Seaside Village in Galveston and Fielder’s Glen Apartments in Arlington, TX.

A spokesperson tells GlobeSt.com that the Colorado-based Grott bought the complexes in 2003. Matt Douglas of the El Segundo, CA-based Venture West Funding led the team that obtained financing from Berkadia Commercial Mortgage as a Freddie Mac execution. The loans were secured at a very competitive non-recourse 10-year fixed rate with rates as low as 3.82%.