Pillar Financial has originated $6 million with Fannie Mae to refinance Lahr Apartments, a multifamily property located in downtown Lafayette, Indiana.
This historic property was built in 1831 as the Lahr Hotel. In 1998, the hotel was renovated into the Lahr Apartments, an affordable housing property. At the end of the compliance period, Pillar’s sponsor acquired and conducted additional renovations to the property, converting it to market-rate housing that features 74 one- and two-bedroom units in the four-story residential building.
Joe Markech, managing director in Pillar’s Chicago office, originated the fixed-rate, 10-year term loan with a 30-year amortization schedule for this new client relationship. The borrower is an experienced owner/operator that specializes in acquiring, renovating and operating multifamily properties in the Midwest. The transaction closed Dec. 12.