Bethesda, MD (June 8, 2017) – Pillar, 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 $14 million to refinance The Potomac Plaza Apartments Cooperative. The property is a striking mid-century modern residential building with 273 apartments located in the Foggy Bottom neighborhood of Washington, DC across from the historic Watergate Complex and Kennedy Center for The Performing Arts. Cullen O’Grady, Vice President of Pillar’s Bethesda office, originated the fixed rate, 30-year term Fannie Mae Cooperative Loan with a 30-year amortization schedule for The Potomac Plaza Apartments Cooperative Board. The loan closed on June 2, 2017.
“Cooperative financing is very attractive to Fannie Mae, as it presents a very low-leverage risk opportunity,” said O’Grady. “For the borrower, it allows payments spread over a 30-year term.”
Pillar was able to obtain very aggressive pricing for the transaction along with an attractive, lower index.
“The Co-op Board was very pleased with our results and efforts throughout the process. The loan allows them to continue their capital renovations project on this magnificent and exceptionally located property,” added O’Grady.