Pillar Multifamily LLC has provided first mortgage financing in the amount of $174.7 million on six mobile home communities in Florida. Providing a 10-year loan, Pillar executed the transaction through the Fannie Mae DUS program. Pillar also structured a preferred equity investment of $23 million, which was provided by a third party.
“This transaction demonstrates one of the strengths of Pillar, which is the ability to structure and close large complicated transactions for Fannie Mae execution,” Pillar’s chief production officer Robert Russell, who originated the loan, said in a statement. “Pillar is a relatively new member of the DUS community, but the principals and officers of the company have extensive experience in the DUS program. We are also grateful for the assistance of Flat 801, which advised the sponsor and helped facilitate a great transaction.”
Pillar is an affiliate of Guggenheim Commercial Real Estate Finance, and as such, “has grown beyond our expectations and is a vital part of our real estate finance business,” Robert Brennan, the senior managing director and head of Guggenheim Commercial Real Estate Finance, said in a statement.
Flat 801 Management Company sourced the transaction and acted as advisor on the senior loan and preferred equity provided. Flat 801 Partner Jeremy Stoler noted in a prepared statement that the transaction “was an ideal opportunity for Flat 801 to apply its extensive capital markets expertise to facilitate a transaction many market participants would have been unable to complete.”
