SunTrust Bank’s division, Pillar, originated a $14 million loan for the refinancing of The Potomac Plaza Apartments Cooperative, a 273-unit community located in the Foggy Bottom neighborhood of Washington, D.C. Pillar’s Vice President Cullen O’Grady originated the fixed-rate 30-year term Fannie Mae cooperative loan that has a 30-year amortization schedule.
“Cooperative financing is very attractive to Fannie Mae, as it presents a very low-leverage risk opportunity. For the borrower, it allows payments spread over a 30-year term,” O’Grady said in prepared remarks. “The loan allows them to continue their capital renovations project on this magnificent and exceptionally located property.”
Source: Multi-Housing News