BETHESDA, Md., Oct. 3, 2016 /PRNewswire/ -- 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
long-time 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
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.