Joe Markech, managing director in SunTrust Banks’ Chicago office, originated $20.3 million with Fannie Mae for the refinance of a 300-unit Class-B garden-style multifamily property in Dayton, Ohio
SunTrust originated a 12-year term loan with three years interest-only, followed by a 30-year amortization schedule. Built in 1988, the property is located 11 miles southwest of Dayton’s CBD.
The borrower is a Midwest-based owner/operator who began a capital-improvement plan immediately upon purchase. SunTrust sourced the transaction through Michael R. Dury, president of PR Mortgage & Investments, a SuntTrust correspondent based in Indianapolis.
