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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.

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