EAST LANSING AND WHITE LAKE, MICH. — Pillar, a Guggenheim Partners affiliate, has originated $8 million in loans for two multifamily properties located in Michigan. David Wilkins of Pillar’s Bloomfield Hills office originated the loans. Pillar has secured a $5.9 million HUD 223(f) refinancing for Homestead Apartments in East Lansing using HUD’s interest rate reduction program. The property is located near Michigan State University and U.S. Interstate 127. Homestead Apartments consists of 168 one- and two-bedroom apartment units with assigned covered parking. The property is fully leased at market rates. Wilkins also originated a $2.2 million non-recourse, long-term fixed rate CMBS loan through Pillar’s Small Balance Loan program to refinance the Lakeshore Hilltop Apartments for Fountainhead Properties. The property is located in White Lake on M-59 and features 60 renovated units, which include a view of the lake.
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