October 4, 2016
Walker & Dunlop Inc., working on behalf of Cortland Partners, originated a total of $469 million portfolio refinance loans, backed by 13 multifamily properties, consisting of 4,871 units. The properties in question are in Texas, Georgia and Florida, and are owned and operated by Cortland Partners.
Walker & Dunlop’s Stephen Farnsworth led the New Orleans-based team that structured the loan. The seven-year Freddie Mac floating-rate loans include two years of interest-only payments, followed by 30-year amortization schedules. Farnsworth noted that Freddie Mac and Cortland worked together well to coordinate multiple closing schedules, along with unique expansion riders.
“The strategic refinance of these properties allowed Cortland Partners to monetize the tremendous value we have created within the portfolio,” added Cortland Partners’ Mike Altman.
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