Pillar Gets $20M for Affordable Rehab

BLOOMFIELD HILLS, MI—Pillar, a Guggenheim Partners affiliate and provider affordable housing solutions, has just originated a $20.7 million FHA/HUD loan for the acquisition and rehabilitation of Milham Meadows Apartments, a 300-unit property located on the corner of Milham Rd. and Oakland Dr. in Portage, MI, a suburb of Kalamazoo. Tenants occupy the entire property and officials from Integra Property Group, the borrower, say it will remain fully tenanted throughout the rehabilitation.

Peter Nichol, the managing director in Pillar’s San Francisco office, originated the transaction but also worked with Pillar’s Bloomfield Hills-based FHA lending team including Mark Wiedelman, president of the firm’s FHA lending division and Nancy A. Ludwick, chief FHA underwriter. The construction and permanent mortgage loan will facilitate the rehabilitation of the property with short term tax exempt bonds and 4% tax credits. The transaction closed on June 20, 2014.