Walker & Dunlop Settle Loans with $256M Portfolio

Walker & Dunlop announced it closed eight Freddie Mac loans totaling $256 million, secured by a portfolio of market rate properties in Florida, Georgia, North Carolina and Texas.

By Alex Lopez, Associate Editor

Town Center in Kingwood, Texas. One of the properties in the portfolio.

Town Center in Kingwood, Texas.

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.”

The Hamptons

The Hamptons

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

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