Dealmaker: Walker & Dunlop Provides $340 Million Acquisition Financing for Cortland REIT

Walker & Dunlop Inc., Bethesda, Md., structured $340 million in financing for Cortland’s acquisition of PURE Multi-Family REIT.

The $1.2 billion transaction comprised 22 properties totaling 7,085 units. Walker & Dunlop secured debt for nearly half of the broader portfolio: eight distinct multifamily properties, all of which are located in major metropolitan areas across the United States Sunbelt.

The Walker & Dunlop financing team was led by Senior Managing Directors and Co-Heads of the New York City Capital Markets team, Aaron Appel, Keith Kurland, Jonathan Schwartz and Adam Schwartz, as well as Director, Michael Ianno. The team identified Deutsche Bank as the lending partner. The financing includes flexible call protection and extension options at a floating rate.

The portfolio includes 2,170 units located within urban or high-density suburban submarkets, including Dallas, Houston and Phoenix. Cortland, which operates more than 60,000 units nationwide, became the largest owner-operator in the Dallas-Fort Worth area with this portfolio acquisition. In keeping with its strong focus on elevating the resident experience, Cortland plans to make a significant investment in each of the properties to improve the exteriors, landscaping, amenities and interior unit finishes.

“The acquisition of PURE Multi-Family REIT represents our confidence and conviction in multifamily growth,” said Mike Altman, Cortland Chief Investment Officer.