Pillar Originates $8M in Acquisition Financing for Two Multifamily Properties in Tampa Area

ZEPHYRHILLS AND CLEARWATER, FLA. — Pillar, a division of SunTrust Bank, has originated approximately $8 million in acquisition financing for two multifamily properties in the Tampa area. Roughly $5 million was sourced for Hillside MHC, a 55-and-older mobile housing community located at 39515 Bamboo Lane in the northeast Tampa suburb of Zephyrhills. Approximately $3 million was sourced for Far Horizons MHC, a 55-and-older mobile community located at 2580 Nursery Road in the west Tampa suburb of Clearwater. Yale Realty & Capital Advisors provided the loans for both properties, which were 85 percent and 97 percent occupied at the time of loan closing, respectively.