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 $2.12 million to acquire Westchester Gardens Apartments. The property consists of 46 apartments located in Baltimore, Maryland. Cullen O’Grady, Vice President of Pillar’s Bethesda office, originated the floating rate, 7-year term Fannie Mae loan with a 30-year amortization schedule for Borrower, a local Private Investment Group. The loan closed on July 17, 2017.
Pillar was able to lock 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 an interest rate in the upper 3 percent range, allowing the sponsor to conduct their exterior and interior rehabilitation plans to revitalize and reposition the asset in the marketplace,” said O’Grady. “Overall, Baltimore is a strong rental market with a lot of potential for value-add and repositioning of Class B and C assets. We are pleased to originate this loan for a great asset with tremendous repositioning potential.”
Source: CityBizList: Washington DC