Pillar Originates $4.8M HUD Refinancing for Affordable Property In Detroit

by Jeff Shaw

DETROIT — Pillar Financial, a division of SunTrust Bank, has originated a $4.8 million HUD Interest Rate Reduction Program (IRRP) loan to refinance Delta Manor, an affordable seniors housing property in downtown Detroit.

The property consists of 99 one-bedroom units that are available to low-income seniors. Delta Manor Inc., a private, nonprofit foundation, owns the property.

David Wilkins originated the HUD fixed-rate, 26-year term loan with a 26-year amortization schedule.

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