Cortland’s Sunbelt Multifamily Portfolio Gets $192M Refi
Cortland Partners' three-property Sunbelt portfolio has landed a refinancing deal worth roughly $192.07 million. This was provided through a Freddie Mac loan, which was arranged by Walker & Dunlop.
The coverage pertains to a total of 1,137 units, which are located in three states: Texas, Florida and Colorado. This includes Cortland at the Hammocks I & II in Miami (720 units), Cortland Congress Park in Denver (193 units) and Huntington Glen in Dallas (224 units).
Each of the assets have been renovated by Cortland, which includes enhancements to the apartment units, amenity areas, building exteriors and other improvements to reposition or modernize the properties.
“We’re proud to have arranged this portfolio refinancing for Cortland alongside long-standing lending partner Freddie Mac,” Stephen Farnsworth, senior managing director at Walker & Dunlop, said in a statement.
“Since acquisition, Cortland has invested meaningfully in these communities, successfully executing its value-add strategy and repositioning the assets within their respective markets. Our continued partnership reflects a shared commitment to supporting mission-driven communities and delivering lasting value for residents and investors alike.”
The news comes just after IMT Capital landed a deal last week to refinance a multifamily Sunbelt portfolio of eight properties, coming in at $625.3 million. This portfolio was located in California, Georgia, Tennessee and Colorado.
The overall challenge for multifamily in the Sunbelt in recent years has been the surge in supply. That trend appears to be continuing and it weighed on September multifamily rents in the region, with year-over-year rents in Miami falling by 3.3 percent, followed by San Diego at 3.4 percent and Los Angeles at 1.4 percent, according to a report from Realtor.
Source: GlobeSt/ALM