Pillar Multifamily Announces Approval as a Freddie Mac Program Plus and Targeted Affordable Housing Seller Servicer
NEW YORK, Jan. 10, 2014 /PRNewswire/ -- Pillar Multifamily, LLC ("Pillar"), an affiliate of Pillar Financial, LLC ("Pillar Financial") and Guggenheim Partners, LLC ("Guggenheim") announced today that it has been approved as both a Freddie Mac Multifamily Program Plus® and Targeted Affordable Housing Seller/Servicer.
In conjunction with these approvals, Pillar acquired approximately $500 million in Freddie Mac multifamily loan servicing under an approved transfer of servicing from ColumbiaNational Real Estate Finance, LLC ("ColumbiaNational Real Estate Finance"), an independent mortgage banking firm. The companies have also entered into a strategic alliance, operating under the Pillar name, to continue to service and grow all segments of Pillar's agency businesses.
"Pillar is very happy to enter these relationships with Freddie Mac and ColumbiaNational," said Anand Gajjar, Chief Executive Officer of Pillar. "With this transaction and the recently announced Cohen Financial deal, Pillar and its affiliates now offer borrowers direct access to Freddie Mac, Fannie Mae, FHA/HUD, CMBS and life-company loans, as well as service over $22 billion for a wide variety of lenders. Additionally, we are particularly focused on the affordable housing sector, and have one of the largest teams in the country, headed by Justin Ginsberg and Andy Weil," he added.
"We are excited about our affiliation with Pillar and its related companies. It allows us to broaden our multifamily reach, adding Fannie Mae and FHA Healthcare financings to our business lines," said Louis S. Weeks III, Managing Partner of ColumbiaNational.
Loan inquiries should be directed to Scott Park at firstname.lastname@example.org for conventional business and Justin Ginsberg or Andy Weil at email@example.com or firstname.lastname@example.org for Targeted Affordable business.
About Pillar Financial
Pillar Financial and its affiliates are leading providers of financing solutions for multifamily and healthcare properties. The Pillar companies include a national Fannie Mae Delegated Underwriter and Servicing (DUS) lender for both conventional and affordable loans, a Freddie Mac Program Plus and Targeted Affordable Seller Servicer, a MAP-approved Federal Housing Administration lender, and an approved Ginnie Mae Multifamily issuer specializing in construction and permanent multi-family and healthcare debt financings. Pillar Financial provides a full array of financing solutions to owners of multifamily properties, including financing solutions for market-rate and affordable-housing multifamily mortgages, student housing, senior housing, manufactured housing and credit facilities.
Through its recent acquisition of Cohen Financial, L.P., Pillar Financial has increased access to conventional commercial real estate capital users and providers. In addition, it is now an Above-Average rated Primary and Special Servicer and services over $22 Billion of loans for a variety of clients.
About Guggenheim Partners
Guggenheim Partners is a privately held global financial services firm with more than $190 billion in assets under management. The firm provides asset management, investment banking and capital markets services, insurance services, institutional finance and investment advisory solutions to institutions, governments and agencies, corporations, investment advisors, family offices and individuals. Guggenheim Partners is headquartered in New York and Chicago and serves clients around the world from more than 25 offices in eight countries. For more information about Guggenheim Partners, visit www.guggenheimpartners.com.
ColumbiaNational is a 75-year old, independently owned mortgage banking firm providing its clients with a full range of debt and equity solutions operating in the Mid-Atlantic region as well as nationally. Its multifamily and commercial correspondent product lines include: Life Companies, Agency/FHA HUD and CMBS production and servicing. ColumbiaNational is headquartered in Columbia, MD, with production offices in Baltimore, MD, and Washington, D.C.
SOURCE Guggenheim Partners, LLC