Venture West Funding Arranges $41.5 Million Loan on Dome Entertainment Center in Hollywood, CA

Business Wire, June 20, 2005

EL SEGUNDO, Calif. -- Southern California-based Venture West Funding, Inc. announced it has arranged a $41.5 million loan for the Dome Entertainment Center in Hollywood, CA. Located at the busy intersection of Sunset Blvd. and Vine Street, the property consists of an ArcLight Cinemas 15-screen state-of-the-art cinema complex and adjacent retail space housed in a 216,000-sf facility spread over 3.40 acres.

The 10-year, fixed-rate loan arranged by Matt Douglas of Venture West refinanced an existing mortgage for owner Dome Entertainment Center, Inc. The loan was funded through Bear Stearns. This is the largest single-property loan arranged by Venture West since its founding nearly 10 years ago. The property is valued in excess of $80 million.

The tenant mix includes ArcLight Cinemas, 24 Hour Fitness and Kitchen Academy. Parking for the complex is provided by an adjacent parking structure owned by the City of Los Angeles.

According to Matt Douglas of Venture West, "Working with the owner and the lender, we were able to maximize the leverage of this historic yet modernized entertainment center and lock in a loan at today's favorable interest rates. The size of this financing reinforces Venture West's ability to offer a diverse array of real estate financing options to our clients."

Venture West Funding was founded nearly 10 years ago, and has averaged about $900 million in annual loan originations during each of the past three years. Venture West is one of the largest firms of its kind operating throughout Southern California, and specializes in providing mortgage loans secured by apartment buildings, commercial properties and single-family homes to a wide variety of borrowers. Venture West is headquartered at 2301 Rosecrans Avenue, Suite 3100, El Segundo, California 90245 (310-706-4450). The firm also maintains a full service office in Orange County at 2 Park Plaza, Suite 220, Irvine, California (949-475-5573).