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October 24, 2011

Pillar Multifamily Funds $174.7 Million Loan on Portfolio of Mobile Home Parks

NEW YORK – Pillar Multifamily, LLC (“Pillar”) today announced that it has provided first mortgage financing in the amount of $174,716,000 on six mobile home communities in Florida.  Pillar provided a 10-year loan and executed the transaction through the Fannie Mae DUS® program.  Pillar also structured a preferred equity investment of $23 million, which was provided by a third party.  The loan was originated by Robert Russell, the Chief Production Officer of Pillar.  Flat 801 Management Company sourced the transaction and acted as advisor on the senior loan and preferred equity provided. 

“This transaction demonstrates one of the strengths of Pillar, which is the ability to structure and close large complicated transactions for Fannie Mae execution,” said Mr. Russell.  “Pillar is a relatively new member of the DUS community, but the principals and officers of the company have extensive experience in the DUS program.  We are also grateful for the assistance of Flat 801, which advised the sponsor and helped facilitate a great transaction.”

“Our Pillar affiliate has grown beyond our expectations and is a vital part of our real estate finance business,” said Robert Brennan, senior managing director and head of Guggenheim Commercial Real Estate Finance.

“This was an ideal opportunity for Flat 801 to apply its extensive capital markets expertise to facilitate a transaction many market participants would have been unable to complete,” said Jeremy Stoler of Flat 801.  “We look forward to working with Pillar and Guggenheim on other transactions in the future.”

About Pillar Multifamily LLC

Pillar Multifamily, LLC, a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, was started in 2010 and offers a full array of financing solutions to owners of multifamily properties. Pillar’s capabilities include small loan solutions, market-rate multifamily mortgages, bridge loans and credit facilities. Pillar is an affiliate of Guggenheim Partners.

Guggenheim Commercial Real Estate Finance, LLC is a national CRE lending business which sources, underwrites, funds and services commercial mortgages from six offices throughout the United States. GCREF originates a broad array of loan types for multiple capital sources including Guggenheim’s own portfolio, for our clients on a discretionary basis through managed accounts and fund arrangements, and for execution in the capital markets (securitization and syndication).

Guggenheim Partners, LLC is a diversified financial services firm with more than $125 billion in assets under supervision. The firm’s businesses include investment management, investment advisory, insurance, investment banking and capital markets services. The firm is headquartered in Chicago and New York with a global network of offices throughout the United States, Europe and Asia. For more information, please visit www.guggenheimpartners.com

About Flat 801 

Flat 801 was founded in late 2010 to provide a wide range of market participants with access to significant commercial real estate and capital markets expertise.  Headquartered in New York City, the firm specializes in identifying and evaluating commercial investment opportunities and related financing alternatives, marketing and asset disposition services, managing and repositioning distressed properties, and commercial real estate advisory assignments. 

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Media Contacts

Jeffrey Kelley
Guggenheim Partners
(312) 977-4029

Jeremy Stoler
Flat 801
(917) 570-6745


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