X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.