Pillar Financial, a division of SunTrust Bank and an industry leader of financing solutions for affordable and market rate multifamily and healthcare properties, announced today that it has originated $10.4 million to acquire Falling Creek Apartments located in Southern Richmond, Virginia. The property consists of 31 buildings spread over 15 picturesque acres containing 348 apartments and 4 retail spaces. Cullen O’Grady, Vice President of Pillar’s Bethesda office, originated the floating rate, 7-year term Freddie Mac loan with a 30-year amortization schedule for the borrower, a local Private Investment Group. The loan closed on July 11, 2017.
Pillar locked in very favorable pricing and terms for the transaction.
“Our client was very pleased with this transaction due to the fact that we originated an 80 percent loan-to-value (LTV) with 24-months interest only, allowing the sponsor to conduct their exterior and interior rehabilitation plans to revitalize and reposition the asset in the marketplace,” said O’Grady. “Overall, Richmond is a growing market with a lot of potential for value-add and repositioning of Class B and C assets. We are delighted to originate this loan for a great asset with tremendous repositioning potential.”
Source: CityBizList: Baltimore