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NEW YORK CITY-CharterMac subsidiary PW Funding Inc. provided more than $224 million in mortgage financing for a 5,200-unit 33-apartment portfolio owned by the Kamson Corp. The complexes are located in New Jersey, New York and Pennsylvania.

According to PWF, the size and magnitude of the deal was prompted by Kamson’s goal to lock in historically low rates. “The northeast has become an increasingly attractive multifamily investment market of late, and we expect to see even more activity in the region as investors seek out apartment opportunities,” says Gary Cohen, PWF vice president. According to Cohen, one of the goals which PWF helped Kamson achieve was rolling all 33 properties in its financing into one shared amortization and maturity schedule, with all of the loans now locked in for the next 30 years.

The 33 properties are a mix of garden, mid-rise and townhouse-style structures and one mixed-use property. Twenty-five of the properties are in New Jersey, with seven in Pennsylvania and one in New York. The size of the properties ranges from 24 to 617 units.

The total portfolio financing was $224.6 million, with PWF providing $144.6 million of loans through Freddie Mac’s early rate-lock program and the remaining $80 million, also financed by PWF, through Freddie Mac’s Conventional Mortgage Program. The early rate-lock loans all bear a 5.84% interest rate, while the conventional financings carry an interest rate of 6.40%. Debt-service coverage on the loans ranges from 1.25x to 1.54x, with loan to values of 69% to 80%. The entire portfolio financing was originated by PWF’s New Jersey office origination staff.

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