Bethesda, Maryland – October 3, 2016
Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today that it originated a $469 million portfolio backed by 13 multifamily properties. The 7-year Freddie Mac floating rate loans include two years of interest-only payments followed by 30-year amortization schedules. The underlying loans in the portfolio rate locked and closed over the course of the second and third quarters of 2016. Stephen Farnsworth, managing director, led the New Orleans-based team that structured the refinance on behalf of Cortland Partners, a longtime Walker & Dunlop client.
Mr. Farnsworth commented, “We were pleased to work with Freddie Mac on this portfolio of diverse assets to arrange competitive financing terms that accommodated the needs of Cortland Partners. Freddie Mac and Cortland worked seamlessly to coordinate multiple closing schedules and unique expansion riders, which allowed our team to demonstrate its multifamily expertise from the time of loan application to well beyond closing and ultimately drive client satisfaction on this large transaction.”
“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.
The 13 properties within the portfolio are comprised of 4,871 units located in Texas, Georgia and Florida. The properties are both owned and operated by Cortland Partners.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 600 professionals in 28 offices across the nation with an unyielding commitment to client satisfaction.