Industry News

Wells Fargo acquires Virginia-based commercial lender

Reilly Mortgage finances multifamily properties

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Wells Fargo Bank has completed its acquisition of Virginia-based Reilly Mortgage, one of the largest commercial finance companies in the nation with a portfolio of $10 billion. Reilly Mortgage finances multifamily properties through Freddie Mac, Fannie Mae and FHA, originating more than $1.5 billion in loans annually, Wells Fargo said Monday. With offices in Philadelphia, Dallas, Phoenix, San Francisco, Chicago, Vancouver (Wash.), Mt. Laurel (N.J.) and Knoxville (Tenn.), "Reilly Mortgage will significantly broaden Wells Fargo's ability to serve the needs of multifamily housing properties and give us a presence in a number of new markets across the country," said Ed Blakey, head of Wells Fargo's Commercial Mortgage Group. Terms of the deal were not disclosed. ...