PW Funding Inc. of New York City supplied the acquisition capital for 1600 Jones Drive, a 93%-leased garden-style complex with market rates. The 17-building development, assessed at nearly $2.3 million, contains units ranging from one- to three-bedrooms. A local private investor bought the complex, situated on about 2.5 acres, from a Fort Worth partnership that came off a 12-year hold with the sale. PW Funding steered the loan, with an 80% loan-to-cost ratio, through Fannie Mae's DUSTM 9 + 1 extended maturity program to deliver a 5.28% fixed-interest rate for the first nine years with an option to convert the loan to a one-year adjustable rate mortgage priced at 240 basis points above Libor. PW Funding's William E. Cave in the Dallas office arranged a loan with a debt service coverage of 1.25x.
About two-thirds of Carriage Park Apartments rose in the mid-1960s and the balance in the late 1970s. Units range from 680 sf to 1,170 sf and bring in monthly rents of $495 to $760.
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