Pillar Originates Fannie Mae Loan for Acquisition of Chesapeake Landing
- May 24, 2016
Dayton, Ohio—Pillar, a Guggenheim Partners affiliate, has originated a $15.4 million Fannie Mae loan for the acquisition of Chesapeake Landing apartment community located in Dayton, Ohio. Upon closing, the property was fully occupied at market rate rents.
The fixed rate, 12-year term loan with a 30-year amortization schedule was originated by members of Pillar’s Chicago team: Joe Markech, senior director, and Brooke Jackson, associate. The sponsor is a Pillar repeat client and an owner/operator of two multifamily properties in Dayton. The broker is David Ross of Crossroads Realty Advisors.
The 256-unit garden-style community was built in 1986 and features 148 one-bedroom units and 108 two-bedroom units. Chesapeake Landing is located in the Centerville School System at 1551 Causeway Drive. Amenities include a swimming pool, fitness center, laundry facilities, club house and volleyball court.
“Chesapeake Landing is located in a great school system and is close to I-75 and I-675, which are commercial corridors that serve the employment centers in the immediate area,” Markech said in prepared remarks. “We originated extremely attractive terms for this loan, which is fully-leveraged with a 75 percent loan-to-value (LTV) and three years interest only. The sponsor will utilize the financing to add interior and exterior capital improvements of approximately $5000 per unit,” added Markech.
Images courtesy of Chesapeake Landing