Pillar Originates $11.7M Fannie Mae Loan for Multifamily Property in Columbus
COLUMBUS, OHIO — Pillar has originated an $11.7 million Fannie Mae DUS loan for the acquisition of Citation Club Apartments, a 240-unit multifamily property located at 600 Trinity March in Columbus. The property features two- and three-story garden-style buildings built in 2004. The 15-year, fixed-rate loan includes a 30-year amortization schedule. Adam Klingher, managing director, and Brooke Jackson, associate, of Pillar’s Chicago origination team arranged the loan. Citation Club Apartments is part of a portfolio of three multifamily properties located in Columbus. The property is the only one in the portfolio that required new financing. The sponsor is Brookview Realty Group, an owner/operator of multifamily properties across the country. The key principals at Brookview responsible for the Citation Club Apartments transaction are Barry Pessin and David Ostreicher. Brookview and its affiliates currently own and manage more than 1,300 rental units across the country.