Pillar Financial closes $4.7 million loan for seniors facility in Detroit

Pillar Financial has originated a $4.775 million HUD Interest Rate Reduction Program (IRRP) loan to refinance Delta Manor, Inc., an affordable seniors housing property located in downtown Detroit.

The property consists of 99 one-bedroom units that are available to low-income seniors who are at least 62 years old at the time of occupancy. The property is owned and operated by Delta Manor, Inc., a private, nonprofit foundation.

David Wilkins, managing director of Pillar in the Bloomfield Hills, Michigan, office, originated the HUD fixed-rate, 26-year term loan with a 26-year amortization schedule.

Source: REJournals.com