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Apartments Financed with $68 Mil in Fannie Mae Loans

MCLEAN, VA-Reilly Mortgage Group has closed nearly $68 million in Fannie Mae loans to finance garden apartment complexes along the Eastern Seaboard and one property outside the corridor in Michigan.

By Amy Vaughn | Updated on June 14, 2001

MCLEAN, VA-Reilly Mortgage Group, headquartered here, used nearly $68 million in loans from the Fannie Mae Foundation to finance garden apartment complexes up and down the East Coast and one in Michigan. The loans were originated in the company’s headquarters, as well as in the New York City offices.

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.

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