The mortgage loan has a 7.32% interest rate. Debt coverage ratio is 1.43 and the loan-to-value ratio is 67%.
The property was built in stages between 1999 and 2002 and is located at 100 First Montgomery Blvd. in Thorndale, PA in Chester County. It consists of 23 two- and three-story townhouse buildings. Each unit has an attached one-car garage, a private driveway and one or two terraces, depending on the configuration.
According to the on-site rental agent, it is within a larger, 398-unit complex, part of which dates back more than 20 years. Through shared amenity agreements and easements, tenants in the 160-unit Fairways property have use of a meeting facility, clubhouse and pool. Rentals within the complex, according to the agent, range from $875 per month for a one-bedroom unit to $1,675 a month for a three-bedroom, three-story unit.
The occupancy rate was not available.
PW is a subsidiary of New York-based Charter Municipal Mortgage Acceptance Co.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
