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.