Wells Bank to Buy Reilly Mortgage

Wells Fargo & Co., San Francisco, has announced an agreement under which Wells Fargo Bank NA will acquire the assets of Reilly Mortgage Group, a privately owned multifamily real estate finance firm based in McLean, Va.The terms of the agreement were not disclosed. Subject to regulatory approval, the business will become part of the Specialized Financial Services Group of Wells Fargo Wholesale Banking. "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. Wells Fargo said Reilly Mortgage is one of the largest commercial mortgage finance companies in the United States, originating more than $1.5 billion in new loans a year, and was the first mortgage banker approved under Fannie Mae's Delegated and Underwriting Servicing Program in 1988.