Real Estate Weekly
Image default
Deals & Dealmakers

Freddie Mac loans top $256M

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.

Photo by Keith Cooper/ Flickr
Photo by Keith Cooper/ Flickr

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.

(Visited 1 times, 1 visits today)

Related posts

Jefferson Apartment Group Closes on Debut Deal in Charlotte, North Carolina


Bridge Industrial Announces Formal Launch of its ESG Program


NAI James E. Hanson Negotiates Sale of 22,000 Square-Foot Auto Retail Building in Hackensack’s Redevelopment Zone