The 99-unit property, known as Midway Manor Apartments, consists of seven two-story garden-style buildings. The unit mix consists of one- and two-bedroom apartments. Built in 1973, the complex features an outdoor pool and laundry facilities. Additional amenities include dishwashers, garbage disposals, balconies and patios.
The financing has a 6.68% interest rate and a loan to value of 71%. In addition, it has debt service coverage of 1.27x. The loan, which closed on June 27, 2002, has been funded under Fannie Mae's DUS program.
Based in New York, PW Funding is a subsidiary of Charter Municipal Mortgage Acceptance Co. The company is a full-service direct mortgage lender specializing in the financing of conventional apartments, commercial properties, senior housing and affordable housing properties nationwide. Aside from its corporate headquarters, PW Funding has offices in Los Angeles and San Francisco, CA; Chicago, IL; Dallas, TX; and Bernardsville, NJ.
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