Cohen Financial, a division of SunTrust Bank and a national real estate capital services firm, announced today that Thomas Wiedeman, director in the Atlanta office, originated a $21.895 million loan with Freddie Mac for the acquisition of La Veranda, a “Class A” multifamily property located in Lafayette, Louisiana. Built in 2016, the 220-unit property features one-, two- and three-bedroom apartments and a resort-style swimming pool. La Veranda is near the University of Louisiana Lafayette and is located in a neighborhood that provides convenient access to employment, shopping and entertainment options.
The borrower is an affiliate of Waypoint Residential, LLC (“Waypoint”), a vertically integrated real estate investment firm specializing in the U.S. multifamily sector. Cohen Financial closed the loan in August.
“Freddie Mac and Fannie Mae continue to actively support investors who are acquiring and refinancing properties in tertiary markets across the Southeast,” said Wiedeman. “Over the past few years, many of our clients have entered these markets in search of multifamily properties with higher yields. We will continue to work with Freddie Mac and Fannie Mae to secure attractive financing for our clients acquiring multifamily properties in tertiary markets where there is less liquidity from other permanent lending sources,” added Wiedeman.
About Cohen Financial
As part of its acquisition by SunTrust Bank, a subsidiary of SunTrust Banks, Inc. (NYSE: STI), Cohen Financial has joined the SunTrust Commercial Real Estate (CRE) line of business, which is part of SunTrust’s Wholesale Banking Segment. Cohen Financial provides access to capital markets debt placements and consulting services for financial institutions, commercial real estate developers and investors. Also well recognized as one of the nation's leading loan servicers and special servicers, Cohen Financial provides third-party rated, primary and special loan servicing, loan administration and advisory services. Cohen Financial serves clients throughout the U.S. from offices in six major markets.
About Waypoint Residential
Waypoint is a vertically integrated real estate investment firm specializing in rental housing. With six offices nationwide, the company acquires and develops conventional multifamily, student housing and senior housing properties throughout the United States. Founded in 2011, Waypoint’s investment activity totals exceed $3.6 billion across more than 24,000 units.
About SunTrust Banks, Inc.
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 June 30, 2019, SunTrust had total assets of $222 billion and total deposits of $161 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
