Pillar Financial, 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 $10.4 million to acquire Falling Creek Apartments located in Southern Richmond, Virginia. The property consists of 31 buildings spread over 15 picturesque acres containing 348 apartments and 4 retail spaces. Cullen O’Grady, Vice President of Pillar’s Bethesda office, originated the floating rate, 7-year term Freddie Mac loan with a 30-year amortization schedule for the borrower, a local Private Investment Group. The loan closed on July 11, 2017.
Pillar locked in very favorable pricing and terms for the transaction.
“Our client was very pleased with this transaction due to the fact that we originated an 80 percent loan-to-value (LTV) with 24-months interest only, allowing the sponsor to conduct their exterior and interior rehabilitation plans to revitalize and reposition the asset in the marketplace,” said O’Grady. “Overall, Richmond is a growing market with a lot of potential for value-add and repositioning of Class B and C assets. We are delighted to originate this loan for a great asset with tremendous repositioning potential.”
About Pillar
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 13 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 home and RV 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 March 31, 2017, SunTrust had total assets of $206 billion and total deposits of $163 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onUp.com.
