Cortland Partners Receives $340M Financing for Acquisition of Pure Multi-Family REIT
ATLANTA — Walker & Dunlop has provided a $340 million loan for the acquisition of Pure Multi-Family REIT (TSX: RUF), a publicly traded Canadian real estate investment trust. Atlanta-based real estate firm Cortland Partners LLC acquired Pure late last year in a $1.2 billion all-cash transaction, which included a 22-property multifamily portfolio totaling 7,085 units.
All properties in the portfolio are located in the Sun Belt region of the United States, which spans from the southern half of California to South Carolina. A large portion of the portfolio is located in Houston and Dallas, and the deal will make Cortland the largest multifamily owner-operator in the Dallas-Fort Worth area.
Cortland plans to implement a capital improvement 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,” says Mike Altman, chief investment officer of Cortland. “By executing our financing on this acquisition, [Walker & Dunlop has] allowed us to continue our growth in these markets.”
Aaron Appel, Keith Kurland and Jonathan Schwartz led the Walker & Dunlop financing team. Deutsche Bank served as a lending partner.
— Alex Patton