PILLAR ORIGINATES $20.7M HUD LOAN FOR AFFORDABLE HOUSING PROPERTY

PORTAGE, MICH. — Pillar, a Guggenheim Partners affiliate, has originated a $20.7 million FHA/HUD loan for the acquisition and rehabilitation of Milham Meadows Apartments, a 300-unit multifamily property in Portage, approximately seven miles south of Kalamazoo. The fully leased property is located at the corner of Milham Road and Oakland Drive. The borrower, Integra Property Group, is utilizing Pillar’s acquisition loan and proceeds from the sale of low-income housing tax credits to purchase the property and to rehabilitate a number of elements, including a substantial renovation of energy and unit upgrades, as well as capital systems upgrades. The community will remain fully tenanted through the rehabilitation. Peter Nichol, of Pillar’s San Francisco office originated the transaction working closely with Mark Wiedelman and Nancy Ludwick of Pillar’s FHA lending team based in Bloomfield Hills, Mich. The affordable housing team secured a construction and permanent mortgage loan to facilitate the substantial rehabilitation of the property with short-term tax-exempt bonds and 4 percent tax credits.