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 Evan Hom, Managing Director in Pillar’s New York office, originated a $17.111 million one-year term, floating-rate bridge loan with SunTrust to refinance the Villas at Stone Creek. The property is located in Baton Rouge, Louisiana and features 343 units spread across 33 two- and three-story buildings. The market rate property was built in 1975, and the borrower is currently conducting renovations.
Pillar originated the bridge loan for a New Jersey-based client. The financing closed on March 29.
“This was an exciting and challenging transaction because we were refinancing the existing bridge loan, which was maturing after two years,” said Hom. “Our team worked diligently to close the loan in less than 35 days to meet the borrower’s needs,” he added.
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 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.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. (NYSE: STI) 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, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, 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 December 31, 2017, SunTrust had total assets of $206 billion and total deposits of $161 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.
