Pillar Originates More Than $6.8 Million With Fannie Mae To Refinance 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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By Greg Isaacson

The Related Group has scored a $75 million loan to refinance Town Westshore, a 396-unit luxury waterfront community under construction in Tampa, Fla. SunTrust Bank provided the loan, with Senior Vice President Rebecca M. Cox leading the transaction.

The development broke ground in January 2018 and was initially slated for completion in the summer of this year. Located at 5001 Bridge St., the four-story development fronting Old Tampa Bay will provide a mix of one-, two- and three-bedroom units. Amenities will include a clubhouse with catering kitchen, health spa, beach-entry swimming pool and electric car charging.

LandSouth Construction is the contractor, while MSA Architects designed the apartments. The site is located near downtown Tampa and St. Petersburg, with access to the Lee Roy Selmon Expressway, and the immediate area will give rise to a marina, restaurants, retail space and other residential properties.

Also in Tampa, Related recently delivered Manor Riverwalk, a 400-unit upscale apartment community located at the old Tampa Tribune building at 202 S. Parker St., and Icon Central, a 368-unit high-rise community near downtown St. Petersburg.

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