The Woodward Wight Building is a 192-unit, 211,000-sf apartmentbuilding on approximately 1.5 acres in the city's Warehouse andArts District. It was originally completed in the early 1900s as aplumbing supply warehouse and remained a working warehouse forseveral decades until the building was left vacant from the late70s through early 80s. The building was put to use soon after the1984 World's Fair in the city and subsequently renovated intoapartments in 1986.

CharterMac subsidiary PW Funding funded the loan. The deal wasstructured as a combination refinancing of tax-exempt bonds and asmall taxable loan totaling $9.9M broken down as follows: anA-Piece totaling nearly $9 million of variable tax-exempt bonds anda taxable fixed-rate permanent loan B-Piece totaling $945,000 witha 5.44% interest rate, 10-year term, 30-year amortization, debtservice coverage of 1.50x, and loan to value of 77%.

PW Funding says it employed a "hyper-amortization" loanstructure in the financing with the goal being to keep advantagesof the tax-exempt bond principal outstanding as long as possible.Under this structure, principal on the tax-exempt loan isredirected toward redemption of principal of the taxable loan priorto redeeming any outstanding tax-exempt principle, with the taxableloan not subject to a prepayment penalty. Although the taxable loanhas a 30-year amortization with a 10-year term, it is expected thatthe loan will be repaid in 6.5 years prior to expiration, due tothe hyper-amortization feature. By maximizing the amount ofoutstanding tax-exempt bond principal, PW Funding estimates theproperty would be valued at a capitalization rate some 1% belowmarket upon sale or refinance.