Mineola, N.Y.-based PW Funding Inc. (PWF) has issued a $3.7 million forward-commitment loan for Glen Forest Senior Apartments, a 100-unit affordable housing complex in Glen Burnie, Md. PWF funded the loan through Washington, D.C.-based Fannie Mae's Delegated Underwriting System (DUS). The 18-year loan has an 8.41% interest rate amortized over 30 years. The loan-to-value is 75%, and the debt-service coverage is 1.17x. Glen Forest opened in June after more than a year of construction.
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