Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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?


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.