FARMINGTON HILLS, MI-A mortgage company based in McLean, VA recently closed on a $6 million loan for a townhouse development here. The loan, originating in Reilly Mortgage Group’s Philadelphia, PA office, is for Foxpointe at Farmington Hills, a 120-unit townhouse development in this suburb of Detroit. The Fannie Mae DUS loan features a 7.47% interest rate with a 10-year term and 30-year amortization. The loan is structured as a Tier 4 Plus Plus – 48.4% LTV and 1.82 DCR.

Constructed in 1988 on 18.3 acres, Foxpointe townhouses feature large two and three bedroom floor plans. Amenities include pool, spa, tennis courts, playground and carports.

Reilly Mortgage Group is a national lender specializing in FHA, Fannie Mae, Freddie Mac and commercial mortgage loans. The company originated more than $1.4 billion in multifamily loans in 1999, and services a mortgage loan portfolio in excess of $10.5 billion. The company has additional regional origination offices in New York City, Chicago, Dallas, San Francisco, San Diego and Knoxville, TN.

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