Pillar, an industry leader of financing solutions for affordable and market rate multifamily and healthcare properties, announced today that it has secured a $3.4 million acquisition loan for Frederick Greenes Apartments. The property is a 71-unit work-force housing complex built in 1950 and located in Frederick, Maryland. Frederick Greenes presents tremendous upside opportunities for the new purchaser. 

Cullen O’Grady, Vice President of Pillar in the Bethesda office, secured a Fannie Mae fixed-rate 10-year loan on a 30-year amortization schedule with 2 years of interest-only payments for a Washington DC-based CRE investor. This is the borrower’s first CRE acquisition in the Frederick market. The transaction closed on October 6.

“While we initially pursued a Freddie Mac Small Balance Loan option, we had to swiftly change course due to the obstacle of the expiring Regulatory Agreement,” said O’Grady. “Fannie Mae quickly stepped in and expedited the process successfully to close within the required contract timeframe. I have been involved with this asset for a number of years and have seen the prior owners improve the property. This current financing will allow our client to operate this investment and realize the cash flow benefit in a market that still features increasing rents and strong occupancy fundamentals.”

About Pillar
Pillar is a direct lender for multifamily and healthcare properties, serving clients across the U.S. in more than 20 major markets. The company’s lending platform consists of Fannie Mae, Freddie Mac, HUD and CMBS products. Pillar provides a full array of financing solutions, covering affordable and market rate multifamily housing, student and senior housing, manufactured home and RV communities, as well as healthcare properties such as assisted living, memory care and skilled nursing facilities. 

Through its Cohen Financial affiliate, Pillar provides access to capital markets debt and equity placement and advisory consulting services for commercial real estate capital borrowers, as well as third-party rated, primary and special loan servicing for lenders.