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GUTTENBERG, NJ-PW Funding Inc. has provided second mortgage financing of $2.45 million for Summit House, a 183-unit cooperative apartment building overlooking the Hudson River here. The loan was originated by the Bernardsville, NJ office of the firm, which is a subsidiary of Charter Municipal Mortgage Acceptance Co.

PWF funded the loan under Fannie Mae’s DUS program. The property has been in PWF’s servicing portfolio since March, 2002, when the borrowing entity initially took out a loan in the amount of $7.75 million. This most recent loan has a 6.23% interest rate, and the proceeds will be used for capital improvements to the property, according to a PWF spokesperson.

The Summit House Cooperative, located in Hudson County between Newark, NJ and New York City, consists of one 13-story luxury building. The asset was built in 1963.

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