SunTrust Banks in Atlanta has agreed to buy the multifamily lending business of Pillar Financial in New York.
The $199 billion-asset SunTrust said in a press release Thursday that the business includes lending for multifamily affordable housing, health care properties, senior housing and manufactured housing.
SunTrust will also acquire the commercial real estate investor services business of Pillar unit Cohen Financial in Chicago.
"SunTrust will offer Pillar clients access to a number of expanded products and capabilities including bridge loans, equity for affordable-housing developments and a full suite of capital markets capabilities through SunTrust Robinson Humphrey," Mark Chancy, SunTrust's wholesale banking executive, said in the release.
Anand Gajjar, Pillar's chief executive, will join SunTrust, reporting to Kathy Farrell, the company's commercial real estate executive.
SunTrust did not disclose the price it will pay. The transaction is expected to close by the end of this year.
SunTrust Robinson Humphrey advised SunTrust, while Beekman Advisors advised Pillar.