PWF funded the loan under Fannie Mae's DUS program. The property has been in PWF's servicing portfolio since March, 2002, when the borrowing entity initially took out a loan in the amount of $7.75 million. This most recent loan has a 6.23% interest rate, and the proceeds will be used for capital improvements to the property, according to a PWF spokesperson.
The Summit House Cooperative, located in Hudson County between Newark, NJ and New York City, consists of one 13-story luxury building. The asset was built in 1963.
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