Cortland Nabs $340M To Fund $1.2B Multifamily REIT Acquisition
Multifamily operator Cortland obtained $340M in financing from Deutsche Bank to help fund its $1.2B acquisition of PURE Multi-Family REIT.
The real estate portfolio acquired as part of the transaction includes 22 apartment communities with over 7,000 total units, according to Walker & Dunlop, which helped Atlanta-based Cortland secure the financing package.
Much of PURE Multi-Family REIT’s portfolio is in the growing Sun Belt markets of Dallas, Houston and Phoenix.
Walker & Dunlop’s financing team of Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Michael Ianno helped identify Deutsche Bank as the preferred lender and secured a financing package with extension options, a floating rate and call protections.
“The acquisition of PURE Multi-Family REIT represents our confidence and conviction in multifamily growth,” Cortland Chief Investment Officer Mike Altman said in a statement.
Commercial real estate finance firm Walker & Dunlop says it obtained debt for half of the REIT portfolio on Cortland's behalf.
Cortland is already the largest apartment owner and operator in the DFW area.