BofA, J.P. Morgan Arrange Silver Bay $150MM Facility
Silver Bay Realty Trust announced an amendment to its facility that increases its borrowing capacity to $350 million from $200 million. BofA Merrill Lynch and J.P. Morgan acted as joint lead arrangers. The facility is being used for the acquisition, financing and renovation of properties and other general purposes.
“The dynamics of the housing market remain favorable for acquiring single-family properties in select markets,” said David N. Miller, Silver Bay’s president and CEO. “The expansion of our credit facility will allow us to continue acquiring homes at attractive prices, leverage our existing property management infrastructure to achieve additional scale, and optimize our capital structure to drive long-term value for our stockholders.”
Silver Bay Realty Trust is a Maryland corporation focused on the acquisition, renovation, leasing and management of single-family properties for rental income and long-term capital appreciation.