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 Colin Whittier, Director in Pillar’s Frisco, Texas office, and Rob West, Senior Vice President in SunTrust’s Atlanta, Georgia office, originated a fixed-rate, 7-year term Freddie Mac loan with a 30-year amortization schedule and two-years of interest only to refinance the Columns at Oakwood in Oakwood, Georgia. Built in 2007, the property consists of five three-story buildings that feature 107-unit garden style apartments and 211 open surface parking spaces. The property was more than 95 percent occupied at the time of close at market rates. The sponsor is ECI Group, a privately-held multifamily property developer and manager based in Atlanta.
Columns at Oakwood is in excellent condition with a very strong curb appeal. “Pillar worked closely with Freddie Mac to execute a Freddie Mac index lock option on the property, which saved the borrower basis points in the Treasury index movement,” said Whittier. “Freddie Mac is currently offering very competitive terms,” he added.
The property features a number of amenities, including a community room and fitness center located within one of the five apartment buildings and an outdoor swimming pool. Recent capital improvements include the resurfacing of the pool in 2014 and leasing office and fitness center renovations in 2016. Planned improvements include the resurfacing of the parking lot.
As a division of SunTrust Bank, a subsidiary of SunTrust Banks, Inc. (NYSE: STI), Pillar is part of the SunTrust Commercial Real Estate (CRE) line of business, which is part of SunTrust’s Wholesale Banking Segment. Pillar is a direct lender for multifamily, manufactured housing and healthcare properties, serving clients across the U.S. in 14 major markets. The company’s lending platform consists of Fannie Mae, Freddie Mac and HUD products. Pillar provides a full array of financing solutions, covering affordable and market rate multifamily housing, student and senior housing, manufactured housing communities, as well as healthcare properties such as assisted living, memory care and skilled nursing facilities.
Through Cohen Financial, a national real estate capital services firm also a division of SunTrust Bank, Pillar provides access to capital markets debt placements and consulting services for financial institutions, commercial real estate developers and investors, as well as third-party rated, primary and special loan servicing, loan administration and advisory services. For more information, visit www.pillarfinance.com.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. Headquartered in Atlanta, SunTrust operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of June 30, 2017, SunTrust had total assets of $207 billion and total deposits of $160 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Member FDIC. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onUp.com.