KANSAS CITY—Pillar, a Guggenheim Partners affiliate and provider of affordable and conventional housing solutions, has just originated a $16.25 million Fannie Mae DUS loan for the refinancing of Georgetown Apartments, a 395-unit multifamily property located in Merriam, KS, a suburb of Kansas City. Tenants occupy more than 95% of the property.
Adam Klingher, managing director, and Brooke Jackson, analyst, both members of Pillar's Chicago team, originated the low, fixed-rate loan. Malkin Properties, an owner and operator of multifamily properties across the country, is the sponsor and intends to use the loan to make capital improvements on the property. The transaction closed in August 2014. Pillar officials could not be reached for comment.
“After Pillar issued the loan commitment, a significant casualty event occurred before the loan closing,” said Vince Sultana, vice president of multifamily operations of Malkin, in a prepared statement. “Other lenders would have reconsidered the loan, but Adam and the Pillar team worked closely with Fannie Mae to ensure that we closed in time to meet the maturity of our existing loan.”
Georgetown Apartments sits about 11 miles southwest of downtown Kansas City. The property features two and three-story garden style apartment buildings and a two-story clubhouse. The average unit size is larger than other local competitors, and the property offers superior amenities, such as a fitness room, an indoor and outdoor swimming pool, billiard room, game room, locker rooms with sauna, tennis, volleyball and basketball courts, a putting green and a children's playground.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
