Pillar, an industry leader of financing solutions for affordable and market rate multifamily and healthcare properties recently acquired by SunTrust Bank, a subsidiary of SunTrust Banks, Inc. (NYSE: STI), announced today that Cullen O’Grady, Vice President of Pillar Finance’s Bethesda office, secured a $2.39 million loan to refinance the existing loan for Plyers Apartments. The property is a 24-unit work-force housing complex built in 1964 and located in Montgomery County in Kensington, Maryland.
Pillar secured a Freddie Mac Small Balance Loan with a fixed rate of 10 years on a 30-year amortization schedule and three years of interest-only payments for the owner, a local private CRE investor. The transaction closed on February 21, 2017.
“Montgomery County is considered a top-tier market for Freddie Mac’s Small Balance Loan Program which allowed the owner to secure and lock in a very aggressive interest rate and terms for his property over the course of the next 10 years with the first three years allowing interest-only payments,” said O’Grady. The loan will provide a substantial increase in monthly and annual cash flow for the owner. “Freddie Mac’s Small Balance Loan Program terms were far superior to any other available product in the market place,” added O’Grady.
About Pillar
Through its acquisition, Pillar has joined the SunTrust Commercial Real Estate (CRE) line of business, which is part of SunTrust’s Wholesale Banking Segment. Pillar is a direct lender for multifamily and healthcare properties, serving clients across the U.S. in 14 major markets. The company’s lending platform consists of Fannie Mae, Freddie Mac and HUD 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 Cohen Financial, a national real estate capital services firm recently acquired by SunTrust Bank, a subsidiary of SunTrust Banks, Inc. (NYSE: STI), Pillar provides access to capital markets debt placements and consulting services for financial institutions, commercial real estate developers and investors, as well as third-party rated, primary and special loan servicing, loan administration and advisory services. For more information, visit www.pillarfinance.com.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. Headquartered in Atlanta, the Company has three business segments: Consumer Banking and Private Wealth Management, Wholesale Banking, and Mortgage Banking. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of December 31, 2016, SunTrust had total assets of $205 billion and total deposits of $160 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onUp.com.
