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Olde Hickory Village Obtains $18.5-M Loan

PHILADELPHIA-The local office of Reilly Mortgage arranges a 10-year Freddie Mac loan for the 100-acre residential community in Lancaster, PA. It was built in the early 1970s and consists of 72 apartments in three mid-rise buildings and 328 townhouses.

By Marita Thomas | Updated on December 12, 2002

PHILADELPHIA-The local office of McLean, VA-based Reilly Mortgage Group has arranged an $18.5-million loan on the Village of Olde Hickory in Lancaster, PA for Village of Olde Hickory, L.P. John Chatley, vice president of Reilly, says his company has worked with the same borrower before.

The loan carries a 10-year term and a 30-year amortization. It was arranged through the Freddie Mac early rate lock program. The interest rate on this loan is undisclosed.

The property was built in the early 1970s. It is located on 100 acres. Its housing component consists of 72 apartment units in three mid-rise buildings and 328 townhouses. Units have recently been upgraded with new windows, HVAC and kitchens.

Rents range from a low of $670 a month for a one-bedroom unit to $950 a month for a three-bedroom townhouse. The property also includes a shopping center, office building, golf course and pro shop, pool and tennis court.

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