Pillar Originates $11 Million Loan, For Sale to Fannie Mae, For The Acquisition Of A Manufactured Housing Community In Lansing, Michigan

Manufactured Housing Community In Lansing, Michigan
Chicago (August 23, 2017) – 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 an $11 million loan for the acquisition of Mill Pond Village MHC located at 1500 Old Mill Lane in Lansing, Michigan. The property is approximately seven miles from Michigan State University and the State Capitol. Adam Klingher, Managing Director of Pillar’s Multifamily and Manufactured Housing Group located in Chicago, originated a fixed-rate, 15-year Fannie Mae loan with a 30-year amortization rate. The transaction closed on July 14, 2017.

Mill Pond Village MHC is a three-star, all-age manufactured housing community built in 1973 that contains 356 sites. Forty percent of the sites can accommodate double-wide homes. The property was 93 percent occupied at time of close. Pillar sourced the transaction through Chris San Jose, Head of Lending Operations at Yale Realty & Capital Advisors, a key Pillar Correspondent based in Miami, Florida. The borrower is a family-owned private investment company and longtime client of both Pillar and Yale Realty.

“This transaction allowed the borrower to buy a well-positioned, stabilized MHC property located in one of Michigan’s better performing cities,” said Klingher. Due to recent strides in the automotive markets, the area is experiencing an influx of workers and robust job growth. “Mill Pond Village MHC provides a housing option for this influx of new residents who seek affordable housing in the area,” added Klingher.

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