Walker & Dunlop originated a $469 million portfolio backed by 13 multifamily properties.
The 7-year Freddie Mac floating rate loans include two years of interest-only payments followed by 30-year amortization schedules.
Stephen Farnsworth, managing director, led the New Orleans-based team that structured the refinance on behalf of Cortland Partners, a long-time Walker & Dunlop client.
Cortland Partners Chief Investment Officer, Mike Altman, said, “The strategic refinance of these properties allowed Cortland Partners to monetize the tremendous value we have created within the portfolio. Our long-standing partnership with both Walker & Dunlop and Freddie Mac gave us confidence that the transaction would be handled with professionalism and, as always, we were pleased by the commitment, knowledge and efficiency demonstrated by the team,” stated
The 13 properties within the portfolio are comprised of 4,871 units located in Texas, Georgia and Florida. The properties are both owned and operated by Cortland Partners.