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WOODINVILLE, WA-Brittany Park Seniors Apartments has received $19.3 million in mortgage financing.

PW Funding Inc., a subsidiary of Charter Municipal Mortgage Acceptance Co. AMEX: CHC, provided the financing, which was comprised of two loans. The first mortgage, totaling $18.6 million, was credit enhanced by Fannie Mae to secure variable rate tax-exempt and taxable bond financing. The fixed rate conventional mortgage, also provided by PW Funding, totaled $750,000. It has a 4.55% interest rate and fully amortizes over a 37-month period. The combined loan amounts have a debt service coverage of 1.38x and a loan value of 70%. Proceeds of both loans were used by the borrower to refinance the existing mortgage loan on the property and to pay bond issuance costs.

The 205-unit complex consists of studio, one-, and two-bedroom apartments in one three-story, elevator-serviced building split into two wings. Built in two phases, it was constructed in 1997 and 1999.

The complex features two public dining rooms, a private dining room, lobby/lounge, coffee bistro, fitness center, billiard room, beauty and barber shop, gift shop, library, individual garden areas, entertainment room, activities room for card playing and arts and crafts, bus with scheduled transportation routes, private mailboxes, laundry facilities, 24-hour staffing, a full-time program supervisor and assisted living services.

Brittany Park was developed, and is now owned and managed, by Leisure Care, Inc., one of the nation’s senior community operators. Leisure Care currently manages a portfolio of 30 similar senior properties in nine states. Leisure Care started with a construction model for a retirement community in 1990 and has refined it several times to ultimately arrive at the Brittany Park model, which is now considered Leisure Care’s flagship property.

PW Funding is a full-service direct mortgage lender specializing in the financing of conventional apartments, commercial properties, senior housing and affordable housing properties nationwide. PWF offers a varied line of multifamily products, including programs from Fannie Mae, Freddie Mac, HUD, Wall Street conduits and life insurance companies.

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