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Investment Banking and
Strategic Business Development
Charter Mac Purchase of PW Funding
Acquisition Summary
| Target
Information |
| Target: |
PW Funding Inc.
Type of Company: Commercial/Multifamily Lender |
| City: |
New York |
State: NY |
| Financial Data As Of: |
N/A |
Assets: N/A |
Book Value: N/A |
| Target’s Business: |
PW Funding, now
a subsidiary of Charter Municipal Mortgage Acceptance Company, is a full
service direct mortgage lender providing long term, fixed rate,
permanent financing nationally for a variety of income property types.
The company specializes in financing apartment, commercial, cooperative
and senior housing and healthcare properties. Since inception, PWF has
originated more than $3 billion of financings through a variety of
programs. FWF’s current originations total over 400 loans in 33 states,
totaling approximately $1.7 billion. Over the past two years, PWF has
provided over $1 billion in financings for a variety of income property
types nationwide. |
| Acquirer
Information |
| Acquirer: |
Charter
Municipal Mortgage Acceptance Co. ("CHC") Type of Company:
Commercial/Multifamily Lender |
| City: |
New York |
State: NY |
| Financial Data As Of: |
03/31/02 |
Assets: $1.5
billion |
Book Value: $655 million |
| Acquirer’s Business |
CharterMac's
core business is investing in tax-exempt revenue bonds, the proceeds of
which are used to finance the new construction or substantial
rehabilitation of affordable multifamily housing throughout the United
States. As of March 31, 2002, CharterMac had ownership interests in 146
revenue bonds with an aggregate face value of $1.11 billion, securing
multifamily properties in 21 states and the District of Columbia.
CharterMac is managed by an affiliate of Related Capital Company ("RCC"),
the nation's largest non-agency debt and equity provider for the
affordable housing industry. |
|
Transaction Information |
| Status: |
Completed |
| Announcement
Date: |
N/A |
Accounting: N/A |
| Completion Date: |
Fall 2001 |
Consideration:
N/A |
| Deal Value: |
N/A |
| Comments: |
Combining PWF's
origination platform with CharterMac's core business and with our
management relationship with RCC, the combined company is able to offer
multifamily developers financing for virtually the entire capital
structure of their properties. |
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