CHICAGO (January 11, 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 it has originated a $4.52 million Freddie Mac loan to refinance 9000 Westfield Apartments. Built in 1972, the multifamily property is located on the north side of Indianapolis, Indiana just inside the I-465 beltway circling Indianapolis. The property consists of 98 garden-style units and was 95 percent occupied at time of close.
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 longtime owner of 9000 Westfield Apartments and is a family-owned commercial real estate investment group operating for approximately 30 years. The broker is Mike Dury of PR Mortgage, which is located in Indianapolis. Pillar closed the transaction on December 30, 2016.
“Our client was very pleased that Pillar refinanced the existing Freddie Mac loan at a 75 percent loanto- value (LTV) ratio with a competitive interest rate,” said Markech. “Pillar also provided loan dollars to allow the sponsor to conduct renovations to improve this great asset with excellent proximity to employment centers.”