When SunTrust Banks, Inc. acquired Pillar Financial LLC in late 2016, it absorbed the firm’s financial assets and the Chicago-based Cohen Financial’s commercial real estate investor services division.
The acquisition greatly enhanced SunTrust Bank, the holding company’s largest subsidiary and already one of the nation’s top-tier real estate lenders.” The Atlanta-based financial institution has also benefited from the deep talent pools of both Pillar and Cohen. And, it obtained Fannie Mae, Freddie Mac and HUD Multifamily license approvals.
“One of the big reasons we were interested in Pillar was that it filled that void of long-term permanent financing as a solution for our bank and our clients,” says Paul Woodworth, Senior Vice President and Head of Agency Lending at SunTrust.
Source: Affordable Housing News and © 2 018 Avenir Publishing, Inc.