Pillar Originates $8.2M Fannie Mae Loan for Multifamily Property Portfolio in Grand Rapids, Michigan

by Kristin Harlow

GRAND RAPIDS, MICH. — Pillar has originated an $8.2 million Fannnie Mae loan for the refinancing of The Heritage Collection, a portfolio of eight multifamily properties in the historic district of Grand Rapids. The 10-year, fixed-rate loan includes a 30-year amortization schedule. The collection includes 131 units, ranging from studios to three-bedroom apartments, and is fully leased. Many of the properties are 19th- and 20th- century mansions that have been converted into apartments. David Wilkins of Pillar originated the loan for Maplegrove Property Management.

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