BETHESDA, MD - Walker & Dunlop announced that it structured $340,097,797 in financing for Cortland's landmark acquisition of PURE Multi-Family REIT.
The $1.2 billion transaction comprised 22 properties with a total of 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. Drawing on their choice network of capital providers, the team identified Deutsche Bank as the ideal 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. "We're grateful for a partner like Walker & Dunlop who believes in our business model and mission. By executing our financing on this acquisition, they've allowed us to continue our growth in these markets and to further our focus on delighting our customers with the resident living experience we provide."
Walker & Dunlop's Kurland commented, "We are honored by the faith and confidence Cortland had in our team to advise on one of their largest acquisitions in its history." He continued, "We now look forward to leveraging the overall strength of the Walker & Dunlop platform, offering our clients truly best-in-class capital solutions for all asset types across the country."
Source: Walker & Dunlop