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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.

An $8.8 million Fannie Mae Market Rate Forward Commitment loan financed Timber Valley Apartments in Capitol Heights, MD. The loan has an interest rate of 8.18% with an LTV/DSC of 80%/1.26 and a 30-year term with 30-year amortization. The property has 273 units. The correspondent broker was SunTrust Bank, Mid-Atlantic and Timber Valley Preservation LLC was the borrower.

Washington, DC’s 112-unit Faircliff Plaza West received $2.5 million in financing. The loan has an interest rate of 7.7% and a 10-year term and 25-year amortization. According to a spokesperson for Reilly, “This property was a refinance of a Section 236 HUD subsidized rental project with a Section 8 HAP contract.”

The loan originated out of the New York office of Reilly was for Courtview Square Apartments in New London, CT. The 96-unit property received $2.4 million in financing. The loan is a Fannie Mae DUS with an interest rate of 7.24%, an LTV/DSC of 80%/1.25 and a 10-year term with 30-year amortization. Broadway Inwood LLC was the borrower.

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