Pillar Financial has originated $16.86 million with Fannie Mae to refinance two multifamily properties in Columbus, Ohio. The fixed-rate, 10- and 15-year term loans with 30-year amortization schedules were originated by Cullen O’Grady, vice president of Pillar’s Bethesda, Maryland, office.
O’Grady originated $8.09 million for one of the properties, which contains amenities such as a clubhouse and swimming pool. He also originated $8.77 million for the other property. Both properties contain about 20 residential buildings and are also situated along about nine acres.
Both properties are located outside of downtown Columbus. Ohio State University is also about 10 miles from both properties.
The sponsor is a private company with a well-established track record and portfolio with Fannie Mae loans for multifamily properties.