Books Close on Four Mortgages, $42.1M

BERNARDSVILLE, NJ-PW Funding Inc., a subsidiary of Charter Municipal Mortgage Acceptance Co., has arranged four separate mortgage financings totaling more than $42.1 million. The New York City-based company’s New Jersey office here was responsible for the transactions.

Two of the deals were for properties in New Jersey while the other two are in Pennsylvania. The first in New Jersey involves 8 Thornton Rd. in Oakland, an 87,840-sf, one-story warehouse completed in 2001 for and fully occupied by the Zrike Co., an importer and distribution company. The asset, located within the Oakland-McBride Corporate Park, drew a $3.8-million loan through Canada Life.

In the second New Jersey transaction, the 52,616-sf Toms River Shopping Center in Toms River drew a loan of slightly more than $3.3 million, which was arranged by PW Funding through Legacy Bank. The identity of the borrower and terms of the loan were not released. Built in 1977 and substantially renovated in recent years, the 7.7-acre shopping complex is anchored by the 23,500-sf Toms River Fitness Center.

In the first Pennsylvania deal–and the largest of the recent transactions–MetLife provided a $32-million loan for Preakness Shopping Center, an eight-building, 320,000-sf community shopping complex in Wayne. The terms and identity of the owner/borrower were similarly not released. Anchor tenants for the complex include Macy’s, CVS and a Stop & Shop supermarket.

In the final transaction, Wilson Park, a 630,000-sf, four-story bulk warehouse facility in Easton, PA, drew a $3-million, PW Funding-arranged loan from Commerce Bank. The complex is made up of several buildings that were built in stages and eventually interconnected.

PW Funding is a direct mortgage lender that originates, underwrites and services mortgage loans for conventional apartment properties, senior housing and select commercial and healthcare properties. The company has a portfolio totaling almost $4 billion in principal in 35 states.