Pillar Originates $10.3M HUD Loan for Refinancing of Multifamily Property in Suburban Detroit

OAK PARK, MICH. — Pillar Financial, a division of SunTrust Bank, has originated a $10.3 million HUD 223(f) loan for the refinancing of Oaks on Lincoln in Oak Park, a suburb of Detroit. The 120-unit apartment property features two- and three-bedroom units up to 1,460 square feet. David Wilkins of Pillar originated the fully amortizing 35-year loan. The borrower, Kaftan Communities, will use the loan to renovate the kitchen in each unit and to make other significant improvements to the property in 2018. The improvements will enable the property to remain at market-rate rents, according to Pillar.