Cortland Wins $469M Refi
Walker & Dunlop arranged seven-year Freddie Mac financing for properties in Florida, Georgia and Texas.
Bethesda, Md.—Cortland Partners has obtained $469 million in refinancing for a portfolio of 13 multifamily properties. Walker & Dunlop Inc., arranged the deal, with Stephen Farnsworth, managing director, leading the New Orleans-based team that structured the refi.
The 7-year Freddie Mac floating rate loans include two years of interest-only payments followed by 30-year amortization schedules. The underlying loans in the portfolio rate locked and closed over the course of the second and third quarters of 2016.
“The strategic refinance of these properties allowed Cortland Partners to monetize the tremendous value within the portfolio,” said Mike Altman, chief investment officer for Cortland, in a statement.
The communities consist of 4,871 units owned and operated by Cortland in Texas, Georgia and Florida. All told, Cortland owns about 35,000 apartment units in 17 markets, primarily in the Southeast and Texas.
Ahead of a possible rise in interest rates from ultra-low to ordinarily low, borrowers still seem keen more for multifamily deals. The Mortgage Bankers Association reported in September that outstanding multifamily mortgage debt rose 2.6 percent between the first and second quarters this year.