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March 28, 2024
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FINANCING NEWS
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Pillar Originates $13.6 Mil in HUD Money on L.A. Affordable Housing Property

3/10/17

Pillar has originated a $13.65 mil HUD refi loan on Sunset Normandie Towers, a 148-unit affordable housing property In Los Angeles. Built in 1979, Sunset Normandie Towers is located at 1428 N Normandie Ave, at Sunset Blvd.

The 10-story building is situated adjacent to Hollywood and downtown Los Angeles. It was fully occupied at time of close.

Pillar's Artin Anvar originated the HUD 223(a)(7) loan. It features a fixed-rate, 35-year term loan with a 35-year amortization schedule. The borrower is Sunset Normandie Towers Ltd, led by Les B. Lederer and Mitchell H. Hersch. The property is managed by SK Management Company. Pillar was recently acquired by SunTrust Bank, a subsidiary of SunTrust Banks, Inc.





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