PHILADELPHIA-Owners of Ranch Village Apartments, a 252-unit complex in Parma Heights, about 11 miles southwest of Cleveland, OH, have obtained a $3.95-million mortgage from Mineola, NY-based PW Funding Inc. The loan has a 5.95% interest rate, a debt-service-coverage of 1.49, and loan-to-value ratio of 73%.

The complex was built in 1958 and 1964. It consists of 28, two-story, garden-style buildings.

PW funded the loan under Fannie Mae’s delegated underwriting and servicing program. Robert T. Walsh of the Mineola office originated the deal. PW had funded an original $3.878-million mortgage on the property in 1992.

Last year, New York-based Charter Municipal Mortgage Acceptance Co. acquired PW. PW is a full-service direct mortgage lender specializing in the financing of conventional apartments, commercial properties, senior and affordable housing properties nationwide.

CharterMac is a full-service multifamily finance company. Its current revenue bond portfolio includes direct and indirect interests in revenue bonds secured by approximately 32,000 units at properties in 24 states and Washington DC.

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