NEW YORK CITY — Pillar Financial, a division of SunTrust Bank (NYSE: STI), has been approved as a Fannie Mae Seniors Housing Lender through the Delegated Underwriting and Servicing (DUS) program.
This designation allows the firm to originate both fixed- and floating-rate, long-term acquisition and refinancing loans for independent living, assisted living and memory care properties.
“Our clients now have access to the Fannie Mae DUS program to invest in the growing seniors housing marketspace, a critical tool that I believe is one of the most efficient in the industry for securing capital,” says Edward Hussey, senior vice president and head of multifamily production for Pillar.
Pillar is also an FHA-approved lender, authorized to originate HUD-insured financing for assisted living and memory care facilities.
“The demographics of this sector are compelling, and we are seeing many of our institutional clients allocate capital focused on seniors housing,” says Anand Gajjar, business head for the Pillar division. “As one of the largest providers of financing for affordable housing, it is a natural extension of our business to now focus on the market-rate side, and we sought this designation.”
Source: Seniors Housing Business