New York (April 13, 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 it has originated $25.489 million to refinance Metropolitan Apartments in Little Rock, Arkansas. The property consists of 260 units, featuring one- and two-bedroom apartments and high-end amenities such as a fitness center and swimming pool. Metropolitan Apartments is fully leased at market rates.
Evan Hom, Managing Director in Pillar’s New York office, originated the fixed-rate, 35-year term HUD loan with a 35-year amortization schedule for Transcontinental Realty Investors/Abode Properties, a Dallas-based multifamily property owner/developer. Pillar closed the transaction on March 31.
“Our team worked diligently with the borrower to close the loan quickly to the satisfaction of the sponsor,” said Hom.