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SunTrust to Acquire Pillar Financial

ATLANTA—The acquisition will bring Pillar Financial's multifamily lending business, among a handful to be licensed by all three agencies, into the SunTrust fold.

By Paul Bubny | Updated on October 20, 2016
SunTrust Plaza SunTrust Plaza, SunTrust’s headquarters in Atlanta.

ATLANTA—SunTrust Bank Inc. said Thursday it would acquire substantially all of the assets of Pillar Financial LLC, including its multifamily lending business. Also included is the commercial real estate investor services business of Cohen Financial Group, which merged with Pillar in 2013, including loan administration and advisory services as well as its mortgage banking platform. Financial terms were not disclosed.

Chicago-based Pillar is among a handful of agency lenders that hold licenses with all three agencies: Fannie Mae, Freddie Mac and the Federal Housing Administration. Its commercial real estate lending business includes affordable housing, healthcare properties, seniors housing and manufactured housing.

“This acquisition will enhance our commercial real estate platform by providing our clients with full access to the Agency programs currently licensed to Pillar,” says Mark Chancy, SunTrust Wholesale Banking executive. He adds that SunTrust will offer Pillar’s clients “access to a number of expanded products and capabilities including bridge loans, equity for affordable housing developments, and a full suite of capital markets capabilities through SunTrust Robinson Humphrey.”

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