Chicago (October 31, 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 $23.28 million with Fannie Mae to refinance two multifamily properties in Indianapolis, Indiana. The fixed-rate, 10-year term loans with 30-year amortization schedules were originated by Joe Markech, Managing Director in Pillar’s Chicago office.
Mr. Markech originated $13.26 million for Echo Ridge, an apartment community constructed in 2003 that comprises 208 units in 13 two-story residential buildings. The property contains a host of amenities, including a clubhouse and swimming pool. He also originated $10.02 million for English Village, an apartment community that also comprises 208 one- and two-bedroom units. Both properties are located on the Southeast side of Indianapolis in a work-force housing area with direct access to Highway 465. The sponsor is a repeat borrower that has worked with Pillar to close Fannie Mae and Freddie Mac loans for multifamily properties. The mortgage banker is David Ross of Crossroads Realty Advisors.
“Pillar executed both loans under Fannie Mae’s Green Rewards Program, allowing the borrower to achieve substantial cash out to pursue other opportunities and to secure a significant decrease in the interest rate on both transactions,” said Markech.