Dealmaker: Pillar Originates $35M in Washington; Colorado


Pillar, New York, originated $34.9 million for two Washington assisted living and memory care facilities and a Littleton, Colo. apartment property.  

Joshua Hausfeld, Managing Director with Pillar’s Healthcare Finance team, secured $28.7 million in fixed-rate, fully amortizing 35-year HUD loans for the Washington properties. He originated two loans for borrower Chateau Retirement Communities, Seattle: a $17 million HUD 232/223(f) loan for Chateau Pacific Retirement Community, a 136-unit facility in Lynnwood; and an $11.7 million Section 232/223(a)7 loan to refinance Chateau at Bothell Landing, a 102-unit Bothell facility.  

“For Chateau at Bothell Landing, we secured the HUD loan to enable the borrower to lower the interest rate, reduce their annual replacement reserve requirements and extend the term of the loan to 35 years, all of which had a significant impact on their annual debt service payments,” Hausfeld said.  

Pillar also originated a $6.2 million Fannie Mae acquisition loan for Broadridge Apartments in Littleton, Colo. The 1965-vintage property includes 54 fully leased units.  

Pillar Director Lancelot Lie, Managing Director Adam Klingher and Associate Brooke Jackson originated the 10-year fixed-rate loan with 30-year amortization and one year of interest-only payments for the Chicago-based investment partnership borrower.  

“This is our client’s first acquisition in Denver,” Klingher said. “In addition to the fact that the borrower plans to invest capital to renovate and modernize these large units, Fannie Mae and Pillar recognized the value in this well-located property in a stable market.”