SunTrust Banks, Inc. announced that Evan Hom, managing director in SunTrust CRE’s New York office, originated a $5.625 million, 10-year term loan with a 30-year amortization schedule with Fannie Mae to refinance Fox Shore Apartments in Aurora, Illinois.
Built in 1970, Fox Shore is 100 percent Section 8 housing. The five-story building consists of 94 affordable housing units. SunTrust CRE originated the loan for a non-profit borrower based in Chicago. Fox Shore was 96 percent occupied at time of close on September 21.
“We secured the permanent agency financing to replace the original bridge loan on the property once it was well occupied,” said Hom.