Pillar recently originated a $9.5 million loan with Fannie Mae for River House Cooperative in Detroit. The multi-story building is located along the Detroit River with views of Belle Isle Park, a 982-acre island park, and Canada.
David Wilkins, vice president of Pillar in the Bloomfield Hills, Michigan, office, originated the fixed rate, 30-year term loan with a 30-year amortization rate for the 440-unit property. The property is fully occupied at market rates.
“River House is a well-kept secret, a great place to live and recently migrated from affordable to market rates,” said Wilkins, in a written statement. “We worked diligently with all parties to originate the loan in time to avoid Fannie Mae’s recent price increase.”
