3.5K
ALLEGAN AND OWOSSO, MICH. — Cohen Financial and Pillar, both divisions of SunTrust Bank, have arranged $11.5 million in HUD loans for the refinancing of two seniors housing properties in Michigan. Cathy Bronkema of Cohen Financial and Joshua Hausfeld of Pillar arranged a $6.5 million loan for Oliver Woods Retirement Village, an 80-unit property in Owosso. They also secured a $5 million loan for Briarwood Assisted Living, a 39-unit property in Allegan. The borrower is a Grand Rapids-based senior living property owner and operator. The SunTrust/Pillar healthcare financing platform can meet borrowers’ financing needs from bridge financing to long-term, fully amortizing loans, according to Bronkema.