The larger of the two loans went to Renaissance Apartments, a 168-unit complex that consists of studios, one-bedroom and two-bedroom apartments. The $14.4-million loan has a 6.61% interest rate. The debt service coverage on the loan is 1.49x, and the loan to value is 64%.
The Renaissance Apartments complex is located at 630 South Masselin Ave. in Los Angeles. The property was 100% occupied at closing. Built in 1991, it features a swimming pool, fitness center and laundry facilities.
Separately, a $4.5-million loan, also with a 6.61% interest rate, went to Marbella Apartments. The debt service coverage on the loan is 1.46x, and the loan to value is 63%.
The Marbella Apartments facility stands at 600 South Detroit St. in Los Angeles. The 60-unit property consists of studios, one-bedroom and two-bedroom apartments. It also contains laundry facilities and a swimming pool. The complex was 100% occupied at closing.
New York-based PW Funding Inc. is a full-service direct mortgage lender specializing in the financing of conventional apartments, commercial properties, senior housing and affordable housing properties nationwide.
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