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Cortland Partners Nabs $50M Acquisition Loan for First Phoenix Foray

February 14, 2018

Atlanta-based Cortland Partners has secured a $49.6 million loan to acquire its first Phoenix-area property: a 412-unit multifamily complex called Arrowhead Summit, according to an announcement from Walker & Dunlop, which structured the deal. The Freddie Mac acquisition loan takes advantage of a flexible structure known as “float-to-float.” For three years, Cortland will owe only interest at a floating rate while it finishes a renovation of the property. After that, the company will embark on paying off a separate seven-year floating-rate loan, including two years of interest-only payments.

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