X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.