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$4M Loan for Cleveland Multifamily Complex

PHILADELPHIA-The 252-unit Ranch Village Apartments complex in Parma Heights, OH obtains the mortgage at a 5.95% rate of interest from Mineola, NY-based PW Funding, a Fannie Mae delegated underwriting and servicing firm. The complex is about 40 years old.

By Marita Thomas | Updated on December 18, 2002

PHILADELPHIA-Owners of Ranch Village Apartments, a 252-unit complex in Parma Heights, about 11 miles southwest of Cleveland, OH, have obtained a $3.95-million mortgage from Mineola, NY-based PW Funding Inc. The loan has a 5.95% interest rate, a debt-service-coverage of 1.49, and loan-to-value ratio of 73%.

The complex was built in 1958 and 1964. It consists of 28, two-story, garden-style buildings.

PW funded the loan under Fannie Mae’s delegated underwriting and servicing program. Robert T. Walsh of the Mineola office originated the deal. PW had funded an original $3.878-million mortgage on the property in 1992.

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