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4/06/20
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Cortland recently acquired PURE Multi-Family REIT, comprising 22 properties with a combined 7,085 res units, in a $1.2 bil transaction. The deal was made with $340.1 mil in acquisition financing structured by Walker & Dunlop on eight of the multifamily properties, all of which are located in major metropolitan areas across the United States Sunbelt.
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.
Walker & Dunlop’s Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Michael Ianno arranged the financing, which was provided by Deutche Bank. The financing includes flexible call protection and extension options at a floating rate.
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