Cottonwood Completes $166.5 Million Master Credit Facility

Cottonwood Residential O.P. LP, a private real estate investment trust that owns and manages apartment communities throughout the country, has closed on a master credit facility in an initial amount of $166.5 million with Berkadia Commercial Mortgage LLC 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,” Cottonwood CEO Daniel Shaeffer. “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 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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