In the larger of the two transactions, mortgage financing totaling $3.35 million went to the owner, who was not named, of the Westwood Hills Apartments in Westwood, Bergen County, NJ. The loan was funded through Freddie Mac and was originated by PWF's Augustus J. Larson. Westwood Hills Apartments, a 210-unit complex of 20 two-story buildings on 12.5 acres 30 miles north of Manhattan, was built in stages in the early 1960s.

In the second transaction, originated by PWF's Gary Cohen, a package of $2.2 million went to the owner, also not named, of 613 Fourth Street in Hoboken, NJ, directly across the Hudson River from Manhattan. Similarly funded by Freddie Mac, the loan carries a 5.63% interest rate, debt service coverage of 1.74x, loan to value of 55%, a 20-year term and a 20-year amortization. The asset is a 25-unit, five-story elevator-serviced building that was completed last June and is currently 100% leased.

PW Funding is a New York-based direct mortgage lender that specializes in conventional apartments, commercial properties, seniors and affordable housing properties. Among other things, the firm offers programs from Fannie Mae, Freddie Mac, HUD, Wall Street conduits and life insurance companies.