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California commercial mortgage broker Venture West Funding arranged a $17.5 million refinance loan for the headquarters of cannabis company Cal Grow.
King City, California-based Cal Grow was described in a news release announcing the loan as operating a roughly 400,000-square-foot “fully integrated facility covering cultivation, manufacturing, and distribution.”
The $17.5 million in funding was lent by Los Angeles-based Hanmi Bank, a Korean American financial institution.
In a statement, Venture West principal Matt Douglas said Hanmi was able “to tailor the ideal loan structure for their client despite the challenges presented by today’s market.”
Exact terms of the loan to Cal Grow were not disclosed.
Venture West, based in El Segundo, said it “specializes in providing mortgage loans secured by apartment buildings, commercial properties, and single-family homes to a diverse range of borrowers.”
The company says it has achieved more than $12 billion in loan originations over two decades.
Douglas told MJBizDaily that Venture West has originated other cannabis industry loans in the past.
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