Stephen Farnsworth, managing director, led the New Orleans-based team. He commented, "Cortland Partners is 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."
"We were so pleased to work with Walker & Dunlop and Cortland Partners to finance these apartment communities," said Jeffrey Ketron, Director, Multifamily Customer Engagement for Fannie Mae. "Our SARM execution was the perfect fit because of how fast-moving these acquisitions needed to be. Thanks to our team's review and quick delegation back to Walker & Dunlop, they were able to meet all of the timing and structure flexibility requested by the borrower."
Stoneridge Apartments and Century Northlake Apartments are garden-style apartment communities located in Ashburn, Virginia and Charlotte, North Carolina, respectively. Cortland Partners plans to take advantage of these two rapidly-growing markets by repositioning the properties through capital improvements, unit renovations, and rebranding to capture substantial rent premiums. 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.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate 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 500 professionals in 24 offices across the nation with an unyielding commitment to client satisfaction.
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SOURCE Walker & Dunlop, Inc.