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.
Source: Atlanta CityBizList