Cortland Partners has secured two Fannie Mae loans totaling $160.7 million for the acquisition and rehabilitation of Stoneridge Apartments and Century Northlake Apartments. Sourced through Walker & Dunlop, both transactions were financed using Fannie Mae’s Structured Adjustable-Rate Mortgage (SARM), a variable interest rate loan that provides long-term financing. The SARM backed by Stoneridge is a 7-year, full term interest-only loan, and the SARM backed by Century Northlake is a 10-year loan with a 5-year interest-only period. Stoneridge Apartments and Century Northlake Apartments are garden-style apartment communities located in Ashburn, Virginia and Charlotte, North Carolina, respectively.
Walker & Dunlop’s MD Stephen Farnsworth called Cortland Partners an experienced sponsor that has “a unique investment horizon for each property in its portfolio. Our team worked with Cortland to determine that Fannie Mae’s SARM was the most strategic execution for these properties, and we tailored the loan terms of each transaction to best align with the sponsor’s strategy.”
