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May 27, 2003


Charter Municipal Mortgage Acceptance Company's (CharterMac) subsidiary PW Funding Inc., provided $2.6 million in mortgage financing for a Utah apartment complex, according to a press release. The 96-unit Peppertree Park Apartments is in Salt Lake City, the statement said. The loan was reported to have a loan-to-value ratio of 60 percent, a 5.31 percent interest rate and a debt service coverage of 1.81.

PW reported using Fannie Mae's "Extended Maturity Option" in the finance package for a Utah apartment complex. This option allows for the loan to convert to a one-year LIBOR (London Inter-Bank Offer Rate) based adjustable rate after the balloon period. Under this option, the company said, while the loan is in the adjustable rate, there is no prepayment premium due. The refinancing for Sunnyvale Apartments in Salt Lake City totaled $3.2 million, the company said. The loan-to-value (LTV) ratio was reported at 80 percent, with a debt service coverage ratio (DSCR) of 1.36 times (x) and a 5.64% interest rate, according to the statement.

PW provided $4.9 million in financing for two North Texas apartment complexes, the company said. The LTV ratio was reported at 72 percent, with a DSCR of 1.36x and an interest rate of 5.565 percent. Both the University Place Apartments and the Yorkshire Apartments are located in Denton.

Mountfort Street Apartments accepted arrangements for $8.5 million in financing, handled by Tremont Realty Capital, according to a company statement. The Tremont announcement details the loan as having a five-year floating rate at 83 percent of construction cost at LIBOR plus 265 basis points. Tremont said the current rate is below four percent and will be locked in at below six percent post construction.

An $11.6 million mortgage was provided by PW for a Pittsburg, California apartment complex., the company said. PW said the loan carries a 5.02 percent interest rate with a DSCR of 1.46x and a LTV of 79 percent.

Anne Lineberry is MortgageDaily.com's editor. She previously worked as an online editor/producer for DallasNews.com and on the Metropolitan desk for the print edition of The Dallas Morning News. Email Anne at [email protected]

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