Pillar Originates $9.1M in Fannie Mae Loans for Three Multifamily Properties in Ohio

by Christina Cannon

LAKEWOOD, EUCLID AND WICKLIFFE, OHIO — Pillar has originated $9.1 million in Fannie Mae refinance loans for three apartment properties in Ohio. Joe Markech and Brooke Jackson of Pillar originated the three fixed-rate, 12-year loans that include a 30-year amortization schedule. Mayfair Apartments, a 144-unit building located in Lakewood, a western suburb of Cleveland, received $5 million in refinancing. Pillar also originated a $1.8 million loan at 65 percent loan-to-value for Euclid Terrace Apartments in Euclid, a northeastern suburb of Cleveland. The property consists of four two-story buildings totaling 91 units. The buildings were built in 1958 and 1964. Wickliffe Gardens & Manor also received a $2.2 million loan at 65 percent loan-to-value from Pillar. Located in Wickliffe, a northeast suburb of Cleveland, Wickliffe Gardens is a 55-unit building and Wickliffe Manor is a 26-unit apartment property.

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