Walker & Dunlop closed eight Freddie Mac loans totaling $256,304,000 secured by a portfolio of market rate properties in Florida, Georgia, North Carolina, and Texas.
The portfolio included a total of 2,864 units that were financed for Cortland Partners.
The loans utilized the Freddie Mac Value-Add Program and were structured with three-year terms, full term interest-only with floating rate and flexible pre-payment options.
The Freddie Mac Value-Add Program offers short-term, cost-effective financing for modest property upgrades and benefits including competitive pricing, lower execution costs, and a central location for upgrade and permanent financing.
Cortland Partners is a Freddie Mac Select Sponsor, a designation reserved for Freddie Mac’s respected sponsors, chosen for their demonstrated success in the market and their loyalty.
Stephen Farnsworth, managing director, led the Walker & Dunlop team.
Farnsworth commented, “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.