Pillar Originates $14.1 Million Refinancing for 53-Unit Community Near the University of Indiana

Urban Station near the University of Indiana features shared amenities including a putting green. (Image courtesy of theurbanstation.com) Urban Station near the University of Indiana features shared amenities including a putting green. (Image courtesy of theurbanstation.com)

Bloomington, Ind. — Pillar Financial, a division of SunTrust Bank, has originated a $14.1 million refinancing for Urban Station, a 53-unit student housing community located near the University of Indiana in Bloomington.

Joe Markech, managing director in Pillar’s Chicago office, originated a fixed-rate, 12-year term loan with a 30-year amortization schedule on behalf of a Bloomington-based borrower that develops and manages student housing and multifamily properties in Indiana. The financing was sourced through Mike Dury of PR Mortgage & Investments. The property offers one-, two-, three- and four-bedroom units. Shared amenities include a business center, electric grill, fitness center, game room, music practice room, outdoor fireplace, outdoor movie theater, pool with sundeck and a putting green. 

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