A loan of about $5 million was originated for the Rutland Corners Garden Apartments in Macon, GA. The complex has 120 units. The loan is a Fannie Mae DUS with an interest rate of 6.98% and is a 10-year term and 30-year amortization. Guaranty Financial Inc. acted as Reilly's correspondent and Melnick's Macon Family LP was the borrower.
Willow Creek Apartments in Westland, MI received $13.5 million in loans. The complex is a 25-building development with 432 units. It's a Fannie Mae DUS loan with an interest rate of 7.67% with a 30-year term and 30-year amortization. Sussex Mortgage Group was the correspondent and Willow Creek Group LLC was the borrower.
An $8.8 million Fannie Mae Market Rate Forward Commitment loan financed Timber Valley Apartments in Capitol Heights, MD. The loan has an interest rate of 8.18% with an LTV/DSC of 80%/1.26 and a 30-year term with 30-year amortization. The property has 273 units. The correspondent broker was SunTrust Bank, Mid-Atlantic and Timber Valley Preservation LLC was the borrower.
Washington, DC's 112-unit Faircliff Plaza West received $2.5 million in financing. The loan has an interest rate of 7.7% and a 10-year term and 25-year amortization. According to a spokesperson for Reilly, "This property was a refinance of a Section 236 HUD subsidized rental project with a Section 8 HAP contract."
The loan originated out of the New York office of Reilly was for Courtview Square Apartments in New London, CT. The 96-unit property received $2.4 million in financing. The loan is a Fannie Mae DUS with an interest rate of 7.24%, an LTV/DSC of 80%/1.25 and a 10-year term with 30-year amortization. Broadway Inwood LLC was the borrower.
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