Walker & Dunlop has provided a $469 million refinance package to Cortland Partners on 13 of its multifamily properties in Texas, Georgia and Florida.
The seven-year Freddie Mac floating rate loans include two years of interest-only payments followed by 30-year amortization schedules. The properties comprise 4,871 units and are all owned and operated by Cortland.
Walker & Dunlop managing director Stephen Farnsworth, who structured the deal, said in a statement that there were multiple closing schedules and rider instruments used on the deal.
Mike Altman, CIO at Cortland, added that the deal allows his firm to enhance the value of the portfolio, as with previous financings secured with Walker & Dunlop and Freddie Mac.
The two firms completed a similar financing last November, when Walker & Dunlop provided Cortland with $256.3 million in Freddie Mac floating rate financing secured by properties in Texas, Georgia, Florida and North Carolina.
Walker & Dunlop delivered $3.05 billion in Freddie Mac loans and $1.85 billion in Fannie Mae loans year-to-date as of June 30, 2016, according to its latest quarterly earnings report.
The Maryland-based real estate finance company provided a $57.2 million Fannie Mae refinancing on an apartment community near Tampa, Florida this July and another $672 million Fannie Mae financing on the acquisition of a 22-property US student housing portfolio this June.
And this January, the firm closed a $1.27 billion Freddie Mac refinancing on a senior housing portfolio, marking the largest financing in the lender’s history.