Pillar Originates $2.39 Million Freddie Mac Loan To Refinance A Multifamily Community In Kensington, Maryland

A Multifamily Community In Kensington, Maryland
Bethesda, MD (March 1, 2017) – Pillar, an industry leader of financing solutions for affordable and market rate multifamily and healthcare properties recently acquired by SunTrust Bank, a subsidiary of SunTrust Banks, Inc. (NYSE: STI), announced today that Cullen O’Grady, Vice President of Pillar Finance’s Bethesda office, secured a $2.39 million loan to refinance the existing loan for Plyers Apartments. The property is a 24-unit work-force housing complex built in 1964 and located in Montgomery County in Kensington, Maryland.

Pillar secured a Freddie Mac Small Balance Loan with a fixed rate of 10 years on a 30-year amortization schedule and three years of interest-only payments for the owner, a local private CRE investor. The transaction closed on February 21, 2017.

“Montgomery County is considered a top-tier market for Freddie Mac’s Small Balance Loan Program which allowed the owner to secure and lock in a very aggressive interest rate and terms for his property over the course of the next 10 years with the first three years allowing interest-only payments,” said O’Grady. The loan will provide a substantial increase in monthly and annual cash flow for the owner. “Freddie Mac’s Small Balance Loan Program terms were far superior to any other available product in the market place,” added O’Grady.

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