The fixed-rate, 10-year term loan with a 30-year amortization schedule was originated by Joe Markech, Managing Director of Pillar in the Chicago office. The sponsor is a Pillar repeat borrower and is one of the largest developers and managers of multifamily properties in Southwest Ohio. The mortgage banker is Chip Kupferberg, Principal Member of BlueMark Capital, located in BlueMark’s Cincinnati office.
“Fannie Mae recognized that our client is a sophisticated, repeat borrower and that The Gramercy on Garfield has a long history of full occupancy,” said Markech. “However, this transaction represents a great example of Pillar’s diligence in working through a variety of challenges to get to close. The transaction required an extension of a ground lease, and the property was in the middle of a renovation that posed issues in terms of maintaining full occupancy during the due diligence phase.”