Pillar Refinances 2 Indianapolis Communities

The $23.3 million in Fannie Mae loans will pay for green property improvements at Echo Ridge and English Village, two communities located on the southeast side of the city.

8520 Sierra Ridge Drive, Indianapolis
8520 Sierra Ridge Drive, Indianapolis

Pillar Financial, a division of SunTrust Bank, originated $23.3 million in Fannie Mae loans to refinance two Indianapolis communities, Echo Ridge and English Village. The fixed-rate, 10-year loans have a 30-year amortization schedule and will be used for green property improvements.  

Pillar executed both loans under Fannie Mae’s Green Rewards Program, allowing the borrower to achieve substantial cash out to pursue other opportunities and to secure a significant decrease in the interest rate on both transactions,” said Managing Director and loan originator Joe Markech, in a prepared statement.

Interstate proximity

545 English Village Drive, Indianapolis
545 English Village Drive, Indianapolis

The first of the two refinanced assets, Echo Ridge, is a 208-unit community located at 8520 Sierra Ridge Drive, 15 miles from downtown Indianapolis. It received $13.3 million in Fannie Mae loans. The property’s 13 two-story buildings, managed by Birge & Held Asset Management, were completed in 2003.

The community offers convenient access to interstates 65 and 74 and a variety of amenities, including a basketball court, clubhouse, copy and fax services, guest parking,swimming pool and picnic area with barbecue.  

The second community, English Village, finalized in 1987, also comprises 208 units with one- and two-bedroom layouts and has the same property manager as Echo Ridge. Its location, at 545 English Village Drive, situates it close to Interstate 495 and a variety of shopping venues. English Village received $10 million.

Images courtesy of Pillar Financial