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HOUSTON-The 336-unit Harvest Hills Apartments at 8282 Cambridge St. in southwest Houston have secured $7.3 million in refinancing.

Mineola, NY-based PW Funding funded the loan under Fannie Mae’s DUS program. The loan bears a 6% interest rate, debt service coverage of 1.46x and a LTV of 67%. The firm closes loans with par-for-the-course terms from seven to 30 years.

PW Funding also was the lender on the original loan for the apartment complex. In July 1995, the Houston-based limited partnership owner acquired the complex with a $7.5-million first mortgage. A second mortgage of more than $2 million was taken out in April 2001. The owner of record is 336HH Apt. Ltd., according to the Harris County Appraisal District.

The 98%-occupied Harvest Hills is 22-year-old complex with an assessed valuation of $10.5 million. The complex has one- and two-bedroom units in 25 separate two-story, garden-style buildings. The complex also has a clubhouse, swimming pool and laundry facilities.

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