NEW YORK Charter Municipal Mortgage Acceptance Co. said its taxable subsidiary has agreed to buy PW Funding Inc., a $4 billion commercial lender.
The price will be $37 million and $47 million, CharterMac said; it is subject to adjustment for new servicing on mortgage loans expected to close before the end of the year. The deal was announced Friday. PW Funding, founded in 1971, is a privately held mortgage banking firm specializing in multifamily apartment financing. It would be a Charter Mac Corp. subsidiary and retain its current management structure.
