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SEATTLE-Two apartment buildings in the greater metro area have been refinanced with Fannie Mae mortgage loans carrying interest rates of about 6%. The loans were funded by PW Funding, a mortgage-banking subsidiary of publicly traded CharterMac.

The owner of the Lake Villa Apartments, a 52-unit garden-style complex in Lake Stevens, received mortgage financing totaling $2.8 million. The property was built in phases between 1979 and 1995 and consists of eight two-story buildings. The Fannie Mae instrument carries a 5.815% interest rate, debt-service coverage of 1.27x and a loan-to-value of 77%.

The owner of the Yorkshire Apartments, a 56-unit garden apartment complex in Puyallup, received mortgage financing totaling $1.7 million. The property was constructed in 1984 and consists of one- and two-bedroom units with fireplaces and balconies in five two-story buildings. The Fannie Mae DUS program loan has a 6.07% interest rate, debt service coverage of 1.28x, and a loan to value of 79%.

Both PW Funding deals were originated by Richard Olrich, Krage Olrich and Matthew Olrich in PW Funding’s San Francisco office. Over the past several years, PW has provided financing for about 2,350 units in the Seattle region.

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