Pillar originates $46m in agency multifamily loans

The private multifamily and healthcare properties lender has provided four fixed-rate agency loans with 30-year amortization schedules since the beginning of September.

Pillar has originated $45.77 million in agency loans on multifamily properties across the US in just over a month.

The private multifamily and healthcare properties lender announced four fixed-rate loans with 30-year amortization schedules since the beginning of September; one on a mixed-use building in Detroit, Michigan, and three on multifamily properties near Sacramento, California, Indianapolis, Indiana, and Syracuse, New York.

Detroit Savings Bank Apartments, Michigan
Detroit Savings Bank Apartments, Michigan

In its most recent deal, Pillar originated an $11.8 million Fannie Mae 10-year loan on the 13-story mixed-use Detroit Savings Bank Apartments, where the first five floors are leased on a long-term basis to The Archdiocese of Detroit and the remaining seven housing 56 market-rate apartment units.

Pillar also originated a $6.25 million Fannie Mae 10-year loan for the acquisition of the 96-unit Tall Pines MHC (Manufactured Housing Community) near downtown Grass Valley, California; a $23.3 million Freddie Mac 10-year construction loan on The Residences on Ronald Reagan apartment building near Indianapolis, Indiana; and a $4.42 million Fannie Mae 15-year loan to refinance the 48-unit Starlight Estates multifamily near Syracuse, New York.

Pillar’s lending platform consists of Fannie Mae, Freddie Mac, HUD and CMBS products, while covering affordable and market rate multifamily housing, student and senior housing, manufactured home and RV communities, as well as assisted living, memory care and skilled nursing facilities. Through Cohen Financial, Pillar also provides capital markets debt and equity placement and advisory services for borrowers, as well as loan servicing for lenders.

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