Walker & Dunlop Settle Loans with $256M Portfolio
- Nov 05, 2015
Bethesda, Md.—Walker & Dunlop Inc. closed eight Freddie Mac loans worth $256 million, the company announced. The loans were secured by a portfolio that included 2,864 units in market rate properties in Florida, Georgia, North Carolina and Texas.
These units were financed for Cortland Partners. The three-year, full-term and interest-only loans were structured through the Freddie Mac Value-Add Program.
Stephen Farnsworth, managing director and leader of the Walker & Dunlop team, said, “Cortland’s experience with multifamily value-add renovations and the Freddie Mac Value-Add Program allowed us the opportunity to close these eight acquisition loans, from seven different sellers, in a very short time frame. Freddie Mac’s deal teams did an excellent job managing the commitment process across multiple regions and markets.”
Each property received an average of $22,000 in hard cost renovations to upgrade the common area amenities and interiors. These new interior and exterior changes will be completed to increase net operating income with a specific focus on improving unit interiors.
The Cortland Partners full portfolio includes more than 35,000 apartment homes and reaches over 60,000 residents throughout the Southern United States.
Cortland Partners is a Freddie Mac Select Sponsor, a designation reserved for respected sponsors, chosen for their demonstrated success and loyalty.
Image courtesy of Walker & Dunlop