Pillar Originates $25.6M in Loans for Two Multifamily Properties in Michigan

WASHINGTON TOWNSHIP AND MONROE, MICH. — Pillar, a Guggenheim Partners affiliate, has originated $25.6 million in Fannie Mae loans for Aragona Properties for the refinancing of two suburban Detroit multifamily properties. Pillar secured a $16.2 million loan for Enclave Apartments, a 200-unit complex in Washington Township, approximately 35 miles north of Detroit. Consisting of 46 single-story buildings, the property offers a mix of one- and two-bedroom garden apartments. Aragona Properties and Lombardo Cos. developed the property. Additionally, Pillar originated a $9.3 million loan to refinance the Hampton Apartments, a 235-unit, garden-style multifamily property in Monroe, about 40 miles south of Detroit. Aragona and Sam Mignano developed the 38-building property. Adam Klingher and Brook Jackson of Pillar originated the two fixed-rate, 15-year loans, which both feature five years of interest-only payments and a 30-year amortization schedule.