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STOCKTON, CA-Torcello Development Inc. has been approved for mortgage refinancing totaling $10.7 million, which it will use break ground on Phase II of construction on Oakwood Apartments, a luxury apartment complex in Stockton.

PW Funding Inc., a subsidiary of Charter Municipal Mortgage Acceptance Company has provided the loan under Fannie Mae’s DUS program. According to PW Funding, the loan has a 5.68% interest rate, a debt service coverage of 1.63x, and a loan to value of 59%, as of the deal’s closing date, July 25, 2002.

This loan has been in PWF’s portfolio since 1990, when PWF financed the first mortgage loan for over $9 million. Prior to this transaction, PWF’s most recent involvement with the loan was a refinance of the existing mortgage in the amount of $9.1 million in 1997. Torcello Development Inc. acquired this property from a private investor in June 2000.

Oakwood Apartments is a 318-unit luxury apartment complex that consists of one-, two-, and three-bedroom apartments in 54 two-story garden style buildings and one-story cottage style buildings. The property was built in 1971. Torcello Development Inc. is currently working on Phase II of its redevelopment project, which has just broken ground.

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