SunTrust Banks Closes on Acquisition of Pillar Financial’s Multifamily Business

ATLANTA — SunTrust Banks Inc. (NYSE: STI) has closed on its previously announced acquisition of all of the assets of the operating subsidiaries of Pillar Financial LLC, which includes receiving Fannie Mae, Freddie Mac and Federal Housing Administration Agency license transfer approvals. The assets include Pillar’s multifamily lending business, which comprises affordable housing, healthcare properties, seniors housing and manufactured housing specialty teams. The assets also include Chicago-based Cohen Financial’s commercial real estate investor services business, advisory services and offering loan administration, as well as its mortgage banking business. The Pillar team has joined SunTrust’s Commercial Real Estate (CRE) division, which is part of the bank’s Wholesale Banking segment. CRE provides banking and capital markets services to commercial real estate developers, owners and operators through various lending platforms. SunTrust Robinson Humphrey served as financial advisor to SunTrust Banks for this transaction. Beekman Advisors acted as the strategic advisor for Pillar.