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Properties in Three States Get $14 Mil in Financing

MCLEAN, VA-Reilly Mortgage Group, headquartered here, has closed slightly more than $14 million in Freddie Mac loans for garden apartments in three states. Reilly specializes in FHA, Fannie Mae and Freddie Mac commercial mortgage loans.

By Amy Vaughn | Updated on June 14, 2001

MCLEAN, VA-Financing has been secured for Sweetwater Creek Apartments, Briarcliff Apartments and Meadowlake Apartments. Reilly Mortgage Group, headquartered here, closed on a little more than $14 million in loans through a variety of Freddie Mac loan programs.

The loan for the 376-unit Meadowlake Apartments, located in Downingtown, PA, was for $2 million and was a Freddie Mac Second Mortgage Loan. It has an interest rate of 7.14%, an LTV/DSC of 66%/1.7x and a 3-year term and 25-year amortization. Meadowlake Apartments Co. was the borrower.

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