Reilly Mortgage Group opened a loan production office at 2415 E. Camelback Rd., Suite 700, in the Camelback Esplanade. The office will be under the direction of Philip J. Foti, formerly the managing director for Renaissance Capital in Phoenix.
"The Southwest is enjoying a period of increased growth in multifamily new construction," says Reilly SVP Pat Kinlan.
Demand for apartments has been strong in the Phoenix area for the past few years, with vacancy rates below 6.4% Valleywide. It's predicted that more than 7,500 new apartment units will be brought to the market this year and more than 8,700 units will be absorbed, according to a survey by Hendricks & Partners, a real estate analysis firm. Construction is on the rise. More than 10,400 permits for apartment units were issued last year, compared to just 9,572 in 1999.
Reilly is a national lender that specializes in FHA, Fannie Mae, Freddie Mac and commercial mortgage loans. Last year, the company originated more than $1 billion worth of multifamily loans. The company services a mortgage portfolio in excess of $10.5 billion.
With the opening of the Phoenix office, Reilly now has regional offices in New York City, Philadelphia, Chicago, Knoxville, Dallas, San Francisco and San Diego. The company is headquartered in McLean, VA.
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