Pillar has originated an $11.8 million Fannie Mae loan for Mariner’s Watch, an ENERGY STAR Green-certified, Class-A multifamily property in Cleveland.
Mariner’s Watch was built in 2014 and is located in the near west neighborhood of Ohio City, a rapidly redeveloping area in one of Cleveland’s oldest communities located just across the Cuyahoga River from downtown. The 62-unit, four-story building includes 33 one-bedroom and 29 two-bedroom apartments, as well as an indoor parking garage. The property is 100 percent leased.
Members of Pillar’s Chicago origination team, Joe Markech, Director, and Brooke Jackson, Associate, originated the Fannie Mae fixed-rate, 10-year term loan with 30-year amortization and two-years interest only to refinance the original construction loan. Pillar closed the transaction at the end of November 2015.
The borrower is a very experienced long-term Cleveland real estate owner/operator of multifamily properties. The mortgage broker is Kathryn Cassidy of JS MultiCapital.