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 more than $20 million in fixed-rate, full interest-only 10-year terms through Fannie Mae for the refinancing of a Manufactured Housing Community (MHC) portfolio. The portfolio consists of four highly-rated MHC properties. Three MHC properties are located in Pennsylvania and one MHC property is located in Maryland. Cullen O’Grady, Managing Director of Pillar’s Bethesda office, sourced the portfolio through Michael Cordes, Managing Director at Columbia National Real Estate Finance, a key Pillar mortgage correspondent based in Baltimore, Maryland. The financings closed on February 28.

“We were thrilled to close this portfolio for a key repeat client and to again work with Columbia National,” said O’Grady. “The Fannie Mae 10-year terms for each property include full term interest-only, which allows the borrower maximum cash flow opportunities for their operations.”

Chesapeake Estates at New Oxford

Walnut Grove

Darlington Mobile Homes Estates

The three Pennsylvania-based MHCs include a total of 689 pads and are called The Chesapeake Estates at Grantville (built by the owner in 1986), Chesapeake Estates at New Oxford (built in 1974) and Walnut Grove (built in 1994). These properties are located within 15 miles northeast of Harrisburg, 9 miles north and 10 miles east of Gettysburg, respectively. All of these properties have varying amenities and strong occupancy rates. The Maryland-based MHC has 67 pads and is called Darlington Mobile Homes Estates (built in 1970). This MHC property is located 35 miles northeast of Baltimore, Maryland. All 4 MHC properties are rated 3-star or higher.

Cordes said, “Pillar and Columbia National’s combined MHC expertise allowed us to provide a tailored solution that surpassed the borrower’s expectations and ultimately secured the best financing possible for their MHC portfolio.”

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.

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. (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.

About Columbia National Real Estate Finance, LLC

Columbia National Real Estate Finance, founded in 1939, is a commercial Mortgage Banking firm that arranges equity and debt financing for real estate developers, investors, and owners of income producing properties throughout the country. Our seasoned professionals have experience in financing all phases of the capital stack including first and second mortgage debt, mezzanine financing, preferred equity, joint venture equity, as well as construction financing and bridge loans.