Frisco, Texas (August 21, 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 Colin Whittier, Director in Pillar’s Frisco, Texas office, and Rob West, Senior Vice President in SunTrust’s Atlanta, Georgia office, originated a fixed-rate, 7-year term Freddie Mac loan with a 30-year amortization schedule and two-years of interest only to refinance the Columns at Oakwood in Oakwood, Georgia. Built in 2007, the property consists of five three-story buildings that feature 107-unit garden style apartments and 211 open surface parking spaces. The property was more than 95 percent occupied at the time of close at market rates. The sponsor is ECI Group, a privately-held multifamily property developer and manager based in Atlanta.
Columns at Oakwood is in excellent condition with a very strong curb appeal. “Pillar worked closely with Freddie Mac to execute a Freddie Mac index lock option on the property, which saved the borrower basis points in the Treasury index movement,” said Whittier. “Freddie Mac is currently offering very competitive terms,” he added.
The property features a number of amenities, including a community room and fitness center located within one of the five apartment buildings and an outdoor swimming pool. Recent capital improvements include the resurfacing of the pool in 2014 and leasing office and fitness center renovations in 2016. Planned improvements include the resurfacing of the parking lot.