MINEOLA, N.Y. - PW Funding Inc. has loaned $3.55 million to finance the Bella Vista Apartments complex in Thousand Oaks, Calif.
The loan, which closed Wednesday and refinances a previous loan, carries a 7.61% interest rate and a maturity date of November 1, 2010. It has a 1.56x debt service coverage and a 55% loan to value ratio.
PW Funding originated the loan under Fannie Mae's Delegated Underwriter and Servicer program with the "Alternative Defeasance Option." Under the program, lenders make loans on apartment buildings and retain some of the risk on these loans even after selling them to Fannie. In return, the lenders are paid a high servicing fee.
Bella Vista Apartments, a 72-unit complex built in 1970, consists of one- and two-bedroom apartments in eight two-story buildings. The property was 100% occupied at closing.
PW Funding Inc. makes loans for conventional apartments, senior housing and affordable housing properties nationwide.
