Cottonwood Residential Completes $166.5 Million Master Credit Facility, Encompassing Seven Multifamily Properties
December 1, 2017 | Cottonwood Residential
SALT LAKE CITY, Utah – December 1, 2017 – Cottonwood Residential , O.P., LP (“Cottonwood”) , a fully integrated real estate investment trust (REIT) that owns and manages apartment communities throughout the country, announced today that the Company has closed on a Master Credit Facility in an initial amount of $166,545,000 with Berkadia Commercial Mortgage, LLC (“Berkadia”) and Fannie Mae.
The initial draw under the facility was secured by seven assets, totaling 1,863 units, located in four states. The financing also qualified for Fannie Mae’s Multifamily Green Rewards program, which offers preferential loan rates to owners willing to invest additional equity to make their properties more energy efficient.
“We are pleased to have partnered with Berkadia and Fannie Mae on this transaction. The new master credit facility will increase Cottonwood’s available liquidity and enhance our ability to execute on strategic growth initiatives in the coming year.” Cottonwood CEO, Daniel Shaeffer.
About Cottonwood Residential
Cottonwood is a fully – integrated owner/operator of multifamily properties with $1.6 billion in total assets. Established in 2009, Cottonwood has ownership interests or structured investment interests (including development projects) in approximately 14,600 apartment units in 13 states.
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