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Reilly Closes $138.544-Mil in Multifamily Loans

MCLEAN, VA-Reilly Mortgage Group closed a dozen loans using the Freddie Mac and Fannie Mae programs to finance garden and high-rise apartment complexes from New York City to Seattle, WA.

By Wendy Watkins | Updated on March 22, 2001

MCLEAN, VA-Reilly Mortgage Group, headquartered here, closed on $138,544,000 in multifamily loans, using a variety of Freddie Mac and Fannie Mae programs to finance garden and high-rise apartment complexes from New York City to Seattle, WA. It’s regional offices across the country handled the loans, including the base office here.

Reilly’s office here closed the following loans: $3.45 million for Highland Hills Apartments, Upland CA, 64 units, under Fannie Mae with 7.45% interest, 10-year term and 30-year amortization; $4.7 million for Portico Terrace Apartments, Seattle WA, 47 units under Fannie Mae’s “5-50″ program, 7.63% interest, 10-year term and 30-year amortization; $5.7 million for Robert Gardens Apartments, Queensbury, NY, 7.49% under Fannie Mae, 10-year term and 20-year amortization; $11 million for Waters Landing, Germantown, MD, construction interest of 6.27% and permanent interest of 6.9%, 10-year term and 30-year amortization.

Reilly’s Philadelphia office originated the following loans: Hatfield Village Apartments, Hatfield, PA, 40 units, $35 million under Fannie Mae, 7.615% interest, 10-year term, 30-year amortization; and Cimarron Apartments, Jacksonville, FL, 143 units, $2.08 million, under Fannie Mae, no interest rate listed, 10-year term and 30-year amortization.

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