SNR Denton and Citi Create New Financing Facility for Single Family Rental Home Asset Class

Pioneering Approach Incorporates Elements From Residential and Commercial Facilities

NEW YORK, October 4, 2012 - Members of SNR Denton's Capital Markets practice, along with Citi, worked collaboratively to pioneer an innovative financing structure that provided a $245 million revolving credit facility to Waypoint Homes and GI Partners. This innovation will help support the acquisition, renovation, long-term ownership and management of Waypoint's growing national portfolio of single family rental (SFR) homes.

The multi-year, revolving credit facility is designed to be flexible for the borrower, with funds made available at increasing advance rates based upon the stage of the home as it progresses from acquisition, through completed renovation, through lease-up and occupancy. SNR Denton partner Bob McCarthy (Capital Markets, New York) led the SNR Denton deal team that also included counsel Shannon McSwain (Capital Markets, San Francisco) and Managing Associate Michelle Alves (Capital Markets, New York).

"The availability of debt financing is critical to the success of the emerging SFR business, yet no tested financial model existed for the industry. We congratulate Citi and Waypoint on breaking new ground with this pioneering approach to structuring the credit facility. Incorporating elements from both residential and commercial facilities, we worked closely with our client to create a collaborative deal structure that balanced the needs of all parties and may serve as a model for future such deals," said McCarthy.

This deal showcases the strategic counsel and innovation of SNR Denton's global Capital Markets practice, which has worked on major securitizations and other financings, especially in the residential and commercial real estate markets. The group's world-class lawyers have become trusted counselors for clients navigating a changing capital markets sector. The Capital Markets practice is regularly called upon by banks, issuers, underwriters, servicers and major residential and commercial conduit purchasers to provide sophisticated legal counsel.

About SNR Denton

SNR Denton is a client-focused international legal practice delivering quality and value. We serve clients in key business and financial centers from more than 60 locations worldwide, through offices, associate firms and special alliances across the US, the UK, Europe, the Middle East, Russia and the CIS, Asia Pacific and Africa, making us a top 25 legal services provider by lawyers and professionals. Joining the complementary top tier practices of its founding firms—Sonnenschein Nath & Rosenthal LLP and Denton Wilde Sapte LLP—SNR Denton offers business, government and institutional clients premier service and a disciplined focus to meet evolving needs in eight key industry sectors: Energy, Transport and Infrastructure; Financial Institutions and Funds; Government; Health and Life Sciences; Insurance; Manufacturing; Real Estate, Retail and Hotels; and Technology, Media and Telecommunications. Please see snrdenton.com for more information and Legal Notices.

###

Social Reach:

Viewer Response:

comments powered by Disqus

Franchise News Room »


News By Industry »


Hot Opportunities

Kids 'R' Kids Franchise Opportunity

Kids 'R' Kids
Kids 'R' Kids Learning Academies is a pioneer in the early childhood...

Add
Hungry Howie's Pizza Franchise Opportunity

Hungry Howie's Pizza
Hungry Howie's is currently EXPANDING! Top Markets are available for...

Add
AAMCO Transmissions and Total Car Care Franchise Opportunity

AAMCO Transmissions and Total Car Care
AAMCO franchisees benefit from joining a brand that has been in business...

Add
Moe's Southwest Grill Franchise Opportunity

Moe's Southwest Grill
At Moe's we're all about celebrating originality. Our guests become food...

Add
Wireless Zone Franchise Opportunity

Wireless Zone
Almost 25 years ago an instantly successful business began called...

Add
OXXO Care Cleaners Franchise Opportunity

OXXO Care Cleaners
OXXO Care Cleaners® is one of the fastest growing established 24Hr pick...

Add
Launch Trampoline Park Franchise Opportunity

Launch Trampoline Park
Launch Trampoline Park is an indoor sports and entertainment facility...

Add
Earl of Sandwich Franchise Opportunity

Earl of Sandwich
Earl of Sandwich is a café franchise that was founded in 1762 by John...

Add
A Franchise Update Media Group Production
Franchise Update Media | P.O. Box 20547 // San Jose, CA 95160 // PH. (408) 402-5681
Copyright © 2001 - 2016. All Rights Reserved. Site Hosting Provided By: wishVPS on FUMG3

In Loving Memory Of Timothy Gardner (1987-2014)