Contact Us

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.

Cash, money, dollars, spending, investment, foreign investment

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.