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Apartments, Manufactured Home Park Financed

SAN FRANCISCO-PW Funding provides mortgage financing totaling $20 million for an apartment complex and a manufactured home park in Northern California.

By Brian K. Miller | Updated on February 04, 2004

SAN FRANCISCO-CharterMac subsidiary PW funding has provided $18.3 million in mortgage financing for a manufactured home park in Hayward, CA, and $2.5 million in mortgage financing for an apartment complex in Mountain View, CA.

Spanish Ranch Mobile Estates, the manufactured home park, contains 462 pads. The site was built in two phases between 1970-1971. The property features secure, gated access and two clubhouses that include a leasing office, laundry facilities, kitchen, and restrooms. The property also features a swimming pool and Jacuzzi, horseshoe pit, and picnic areas.

PW funded the loan under Fannie Mae’s DUS program. The loan has a 5.60 % interest rate, a debt service coverage of 1.30x, and a loan to value of 74%.

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