PW Funding Inc., a subsidiary of Charter Municipal Mortgage Acceptance Co. AMEX: CHC, provided the financing, which was comprised of two loans. The first mortgage, totaling $18.6 million, was credit enhanced by Fannie Mae to secure variable rate tax-exempt and taxable bond financing. The fixed rate conventional mortgage, also provided by PW Funding, totaled $750,000. It has a 4.55% interest rate and fully amortizes over a 37-month period. The combined loan amounts have a debt service coverage of 1.38x and a loan value of 70%. Proceeds of both loans were used by the borrower to refinance the existing mortgage loan on the property and to pay bond issuance costs.

The 205-unit complex consists of studio, one-, and two-bedroom apartments in one three-story, elevator-serviced building split into two wings. Built in two phases, it was constructed in 1997 and 1999.

The complex features two public dining rooms, a private dining room, lobby/lounge, coffee bistro, fitness center, billiard room, beauty and barber shop, gift shop, library, individual garden areas, entertainment room, activities room for card playing and arts and crafts, bus with scheduled transportation routes, private mailboxes, laundry facilities, 24-hour staffing, a full-time program supervisor and assisted living services.