Pillar Arranges $8.5M Loan for 136-Unit Apartment Property in Michigan

by Christina Cannon

LANSING, MICH. — Pillar has originated an $8.5 million fixed-rate, Freddie Mac loan to refinance a 136-unit multifamily property in Lansing. Willow Ponds Apartments was built in 1998 and is fully leased. The property consists of two-, three- and four-bedroom units. The financing features a 10-year term and 30-year amortization schedule. Maplegrove Property Management of East Lansing and Grand Rapids, Michigan was the borrower. David Wilkins of Pillar arranged the financing.

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