Pillar Originates More Than $6.8 Million With Fannie Mae To Refinance A Multifamily Property In Cincinnati, Ohio

A Multifamily Property In Cincinnati, Ohio
New York, NY (May 15, 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 $6.825 million to refinance Cambridge Park Apartments in Cincinnati, Ohio. The property features one-, two- and three-bedroom garden-style units across 198 apartments. Cambridge Park Apartments is fully leased at market rates.

Pillar originated the fixed-rate, 12-year term loan with a 30-year amortization schedule for Shamrock Properties IX, LLC. Pillar closed the transaction on April 27.

The transaction refinanced a bridge loan Pillar closed in August of 2015 for the sponsor. The client purchased Cambridge Park Apartments out of foreclosure and subsequently repositioned the property. Working with Pillar since 2011, this longtime client has closed eight multifamily transactions in total with Pillar.

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