Walker & Dunlop Secures $192 Million Refinancing for Cortland Multifamily Properties
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 17 2025
0mins
Source: Newsfilter
Loan Arrangement: Walker & Dunlop, Inc. arranged $192,068,000 in loan proceeds to refinance a portfolio of four properties with 1,137 units located in Miami, Denver, and Dallas on behalf of Cortland Partners.
Property Details: The portfolio includes Cortland at the Hammocks I & II in Miami (720 units), Huntington Glen in Dallas (224 units), and Cortland Congress Park in Denver (193 units).
Capital Improvements: Cortland has implemented a comprehensive capital improvement program across the properties, focusing on interior and exterior upgrades to enhance the living experience and modernize the communities.
Company Overview: Walker & Dunlop is a leading commercial real estate finance and advisory firm, recognized for its significant contributions to the U.S. multifamily market, having originated over $30 billion in debt financing in 2024.
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Moderate Buy
Current: 51.220
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Current: 51.220
Low
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Averages
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High
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About WD
Walker & Dunlop, Inc. is a commercial real estate finance and advisory services company. It is focused on multifamily lending and property sales, commercial real estate debt brokerage, and investment management services. Its segments include Capital Markets (CM), Servicing & Asset Management (SAM), and Corporate. CM segment provides a comprehensive range of commercial real estate finance products to its customers, including agency lending, debt brokerage, property sales, and appraisal and valuation services. It also provides real estate-related investment banking and advisory services. The SAM segment's activities include servicing and asset-managing the portfolio of loans the Company originates and sells to the agencies, brokering to certain life insurance companies, and originating through its principal lending and investing activities, and managing third-party capital invested in tax credit equity funds focused on the affordable housing sector and other commercial real estate.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Customized Credit Solution: Through a new Tier 3 Fannie Mae credit facility, Walker & Dunlop provided Aspen Square with a 10-year, fixed-rate, interest-only loan, a tailored financing solution that not only supports Aspen Square's long-term investment strategy but also helps preserve housing affordability across multiple markets.
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See More
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- Significant Financing: Walker & Dunlop has arranged $232 million in financing for a portfolio of five multifamily properties totaling 1,585 units across Arkansas and Florida, primarily consisting of workforce housing, showcasing the company's robust financing capabilities in the multifamily market.
- Long-Term Partnership: This financing marks the eighth collaboration between Walker & Dunlop and long-time client Aspen Square Management, highlighting the strong relationship between the two parties and reflecting Fannie Mae's trust, which further solidifies Walker & Dunlop's position in the market.
- Customized Credit Solution: Through a new Tier 3 Fannie Mae credit facility, Walker & Dunlop provided Aspen Square with a 10-year, fixed-rate, interest-only loan, a tailored financing solution that not only supports Aspen Square's long-term investment strategy but also helps preserve housing affordability across multiple markets.
- Market Leadership: In 2025, Walker & Dunlop was recognized as the largest Fannie Mae DUS® lender in the U.S., originating nearly $19 billion in Agency volume that year, further reinforcing its leadership position in multifamily financing.
See More
Frank Cassidy Rejoins Walker & Dunlop as Senior Managing Director
- Leadership Return: Frank Cassidy rejoins Walker & Dunlop after serving as FHA commissioner, leveraging his extensive experience in housing policy to assist clients in navigating the evolving financing landscape, thereby enhancing the firm's competitive edge in commercial real estate.
- Policy Response Strategies: Cassidy will advise clients on FHA and GSE financing strategies, aiming to address the escalating housing shortage in the U.S. through effective financing solutions that promote the construction of more affordable housing.
- Financing Platform Strength: Walker & Dunlop is recognized as a leading HUD lender, ranked fifth based on MAP and LEAN volume in 2025, having closed over $45 billion across more than 2,000 transactions since inception, showcasing its robust capabilities in government-backed lending.
- Market Demand Response: Cassidy's return not only strengthens the firm's leadership but also underscores Walker & Dunlop's commitment to addressing housing supply and affordability challenges through collaboration with the public sector, further solidifying its position in the industry.
See More
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- Financing Scale: Walker & Dunlop successfully arranged a $191 million refinancing for the Dutch Project Dutch Lion, which includes $134.5 million in refinancing and a $57 million accordion facility, showcasing the firm's financing capabilities in a complex market environment.
- Portfolio Advantages: The project comprises 19 office assets with a net internal area of approximately 1.5 million square feet, featuring significant geographic and tenant diversification with an occupancy rate of about 90% and over 65 tenants, ensuring stable cash flow and investment returns.
- Sustainability Strategy: All assets hold Dutch energy ratings of A or higher, with more than half achieving A+, which not only meets market demand for energy-efficient office spaces but also enhances the long-term value and appeal of the portfolio.
- Future Growth Potential: TEI plans to be active in expanding investments in the Netherlands, Belgium, and the UK over the coming year, with Aviva's financing relationship providing flexibility to support its long-term asset management strategy and ongoing growth in the European market.
See More
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- Significant Financing: Walker & Dunlop successfully arranged $128.23 million in refinancing for a 986-unit multifamily portfolio in Eugene, Oregon, demonstrating the firm's strong financing capabilities in the multifamily market.
- Rapid Rate Lock: Utilizing Fannie Mae’s Streamline Early Rate Lock (SRL) program, the four loans were rate locked just 25 days after receiving a signed application, significantly reducing transactional risk in today's volatile rate environment.
- Strong Market Demand: The portfolio benefits from high occupancy rates and attainable rent levels, with Eugene's multifamily market continuing to thrive due to steady household formation, relative affordability, and stable employment from the University of Oregon.
- Industry Leadership: Walker & Dunlop was recognized as the largest Fannie Mae DUS® lender by volume in 2025, underscoring its leadership position in the U.S. multifamily market, having originated nearly $19 billion in Agency volume that year.
See More
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- Financing Scale: Walker & Dunlop announced the arrangement of a $375 million construction loan for the JFK Boulevard project in Journal Square, New Jersey, funded by Madison Realty Capital, highlighting the project's appeal in a rapidly growing transit-oriented district.
- Residential and Commercial Space: The development will deliver 579,577 rentable square feet of residential space, comprising 840 units, with 10% designated as affordable housing, aligning with Jersey City's housing goals.
- Retail and Amenities: The project will feature nearly 50,000 square feet of retail space anchored by a national organic grocer, along with 36,522 square feet dedicated to lifestyle and wellness amenities, enhancing community convenience and attractiveness.
- Transportation Accessibility: Located near the PATH station, residents will have direct access to Lower Manhattan in approximately 10 minutes and Midtown Manhattan in about 20 minutes, further solidifying Journal Square's status as a premier residential destination in the New York metro area.
See More
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- Growing Market Demand: Walker & Dunlop's newly released Hospitality Outlook indicates that investors are concentrating capital in luxury and upscale leisure properties, even as rising financing costs and tighter underwriting standards challenge new developments.
- Team Expansion: The firm has recently hired Managing Director Evan Hurd and Director Max Chipouras, who specialize in hotel investment sales and structured capital solutions, aiming to enhance the team's expertise to meet increasingly complex market demands.
- Micro-Location Analysis: The report emphasizes that hotel performance is increasingly reliant on asset quality and location, necessitating investors to focus on micro-market demand drivers to differentiate themselves and ensure investment returns.
- Efficiency through Technology: As labor costs remain under pressure, operators are turning to lean staffing models and artificial intelligence tools to protect margins and enhance operational efficiency, reflecting a pressing need for innovative solutions in the market.
See More
