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Mortgages Worth $9.6 Mil Closed for Apartments

NEWARK-PW Funding puts together the mortgage refinancings, combined into one loan under Fannie Mae's DUS program, for complexes totaling 401 units. The two apartment towers include office and retail space as well.

By Eric Peterson | Updated on March 16, 2001

NEWARK-PW Funding Inc., based in New York, has arranged $9.6 million in mortgage refinancing for Forest Hill Towers I and II. The loans will be combined into one loan for the unnamed borrower under Fannie Mae’s DUS Streamline Refinance program. The combined loan has a 6.8% interest rate, the debt service coverage is 1.74x and the loan to value is 59%.

The two towers, built in 1961, contain a total of 401 studio, one and two-bedroom units. The property includes several professional tenants, including dentist and doctors offices and a hair salon.

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