Pillar, a division of SunTrust Bank has originated $14 million to refinance The Potomac Plaza Apartments Cooperative. Specializing in the financing solutions of affordable and market rate multifamily and healthcare properties, the firm granted a fixed rate, 30-year term Fannie Mae Cooperative Loan with a 30-year amortization schedule. The mid-century modern 273 unit residential building is located in the Foggy Bottom neighborhood of Washington, DC across from the historic Watergate Complex and Kennedy Center for The Performing Arts.
“Cooperative financing is very attractive to Fannie Mae, as it presents a very low-leverage risk opportunity,” said Cullen O’Grady, Vice President of Pillar. “For the borrower, it allows payments spread over a 30-year term. The Co-op Board was very pleased with our results and efforts throughout the process. The loan allows them to continue their capital renovations project on this magnificent and exceptionally located property.”
