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Senior Complex Gets $19.3M in Financing

WOODINVILLE, WA-Brittany Park Seniors Apartments will use proceeds of the loans to refinance the existing mortgage loan on the property and to pay bond issuance costs. The 205-unit complex was built in 1997 and 1999.

By Gina Binole | Updated on November 11, 2002

WOODINVILLE, WA-Brittany Park Seniors Apartments has received $19.3 million in mortgage financing.

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.

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