$24.8M Refi. Set for Three Apartment Complexes

BERNARDSVILLE, NJ-PW Funding Inc., the Charter Municipal Mortgage Acceptance Co. subsidiary, has arranged mortgage refinancing totaling $24.846 million for three affordable apartment complexes. The separate package was arranged through the company’s office here for a long-term client. Altogether, PWF has arranged 15 financings totaling $120 million for the client, who was not named.

The three assets include the 116-unit Westview Apartments in Hoboken, NJ, consisting of four five-story elevator buildings. The other two properties are located in North Bergen, NJ: the 142-unit New Floral Gardens 1B complex, configured as three five-story buildings; and the 116-unit New Floral Gardens II, eight three-story buildings. The latter property also includes two ground floor commercial tenants.

The loans were funded through Freddie Mac, all three of them receiving new Section 8 HAP contracts. The proceeds will be used by the borrower to refinance existing debt and to cover the cost of refurbishing the properties.