[tag]Wells Fargo & Company[/tag] (NYSE: WFC – News) and [tag]Reilly Mortgage Group[/tag] announced today the signing of a definitive agreement for Wells Fargo Bank, N.A. to acquire the assets of Reilly Mortgage Group, a privately-owned, national, multifamily real estate finance firm headquartered in McLean, Virginia. Terms of the definitive agreement were not disclosed. Subject to regulatory approval, the acquisition is expected to close in the third quarter of 2006. The business will become part of Wells Fargo Wholesale Banking’s Specialized Financial Services Group.

Reilly Mortgage was the first mortgage banker approved under [tag]Fannie Mae[/tag]’s Delegated and Underwriting Servicing Program in 1988 and also one of the first companies approved as an FHA MAP (Multi-Family Accelerated Processing) lender. It has received the Multi-Housing News Capital Choice Award for Freddie Mac program Plus® Loans and FHA Loans, the Apartment Finance Today Readers’ Choice Award for FHA Loans, and was named a top multifamily lender by [tag]National Real Estate Investor[/tag], Midwest Real Estate News and Multi-Housing News. Reilly Mortgage was sold by a group of investors led by Stonehurst Capital, LLC and was advised in the sale by Beekman Advisors, Inc.

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