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MOORESTOWN, NJ-Moorestown Pleasant Valley Apartments LLC has received mortgage financing totaling $2.3 million for its 80-unit garden apartment complex here. The borrower plans to use the funding to make capital improvements to the complex, which consists of one- and two-bedroom units in six garden-style buildings, located in South Jersey about 15 miles from Philadelphia.

The PW Funding Inc. subsidiary of Charter Municipal Mortgage Acceptance Co. arranged the loan through Freddie Mac. It carries a 5.91% interest rate, a debt service of 1.53x and a loan to value of 78%.

PW Funding, based in New York, has a New Jersey regional office in Bernardsville. The direct mortgage lender specializes in financing conventional apartments, commercial properties, senior housing and affordable housing programs, offering programs from Fannie Mae, Freddie Mac, HUD, Wall Street conduits and life insurance companies.

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