Pillar Powers Through Two HUD Financings

Pillar Powers Through Two HUD Financings

by | Oct 6, 2017 7:00 am | Financings | 0 comments

The team of Pillar Financial, a division of SunTrust Bank, has been active lately, closing more than $20.7 million in financings for two Rust Belt seniors housing communities. Don Husi, based in Pillar’s Nashville office, first originated a $13.59 million HUD loan, with a 30-year term, to refinance a scattered-site that includes 143 beds spread across one large skilled nursing facility and two small assisted living communities in Menasha and Appleton, Wisconsin. The properties offer their residents a continuum of care, if need be. Then, in Moosic, Pennsylvania, Mr. Husi originated a $7.18 million HUD refinance for a 35-unit/58-bed memory care community. The 35-year loan took out an... Read More »
SunTrust Bank and Seniors Housing

SunTrust Bank and Seniors Housing

by | Oct 20, 2016 3:56 pm | Acquisitions, Financings | 2 comments

Despite an apparent tightening in the seniors housing financing world (a topic which we will discuss in detail in our webinar at 1PM on October 27), borrowers may soon have a new name to choose from. SunTrust Bank announced it intends to acquire substantially all assets of the operating subsidiaries of Pillar Financial, LLC, along with its multi-family, affordable housing, healthcare property, senior housing, and manufactured housing lending platforms. Pillar’s HUD, Fannie Mae and Freddie Mac licenses also enticed SunTrust, which would be able to offer agency lending options to its clients. In return, Pillar would gain access to a number of expanded products including bridge loans, equity... Read More »