Cortland Partners has secured $469 million in the refinancing of a multifamily portfolio. The 7-year Freddie Mac floating rate loans include two years of interest-only payments followed by 30-year amortization schedules. The funding is backed by 13 apartment complexes comprised of 4,871 units located in Texas, Georgia and Florida. Cortland Partners both owns and manages the properties. Bethesda-based Walker & Dunlop arranged the financing for Cortland.
“The strategic refinance of these properties allowed Cortland Partners to monetize the tremendous value we have created within the portfolio. Our long-standing partnership with both Walker & Dunlop and Freddie Mac gave us confidence that the transaction would be handled with professionalism and, as always, we were pleased by the commitment, knowledge and efficiency demonstrated by the team,” stated Cortland Partners Chief Investment Officer, Mike Altman.
