SunTrust Banks, Inc. originated a $139.9 million loan with Freddie Mac to refinance the Icon Las Olas multifamily project in Fort Lauderdale, FL. Completed in 2018, Icon Las Olas consists of 272 residential units and 21,415 square feet of ground retail in one 44-story, high-rise building – the tallest building in the city.
Justin Ginsberg, managing director at SunTrust Commercial Real Estate Agency Lending, and Rebecca M. Cox, senior vice president at SunTrust Commercial Real Estate, were the leads on the transaction.
“SunTrust is so excited to play a role in financing this project and helping contribute to the ongoing vibrancy of the Fort Lauderdale CBD,” said Paul Woodworth, head of SunTrust Agency Lending.
“The combined SunTrust team created a long-term solution for the Borrower after financing construction. We are confident this asset will remain one of the premier rental properties in the region,” added Cox.
SunTrust offers a suite of Fannie Mae, Freddie Mac and HUD-insured loans to the owners of affordable and conventional market-rate multifamily housing and healthcare properties in primary and secondary markets. SunTrust tailor’s solutions that fit client’s specific situations, with features such as future funding for capital expenditures and leasing expenses, earn-outs and short-term loans with flexible prepayment.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of March 31, 2019, SunTrust had total assets of $220 billion and total deposits of $162 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
