Daily News: December 23, 2013

JPMorgan, BofA Others Expand ARPI Facility

American Residential Properties (ARPI) announced that JPMorgan Chase Bank joined the existing bank group as a lender under the company’s senior-secured revolving credit facility. As a result, the company exercised $40 million of the credit agreement accordion feature, increasing the maximum borrowing amount from $340 million to $380 million, subject to meeting certain criteria.

JPMorgan Chase joined Bank of America, Morgan Stanley Senior Funding, KeyBank, Citibank, Barclays Bank, Jeffries Group, Raymond James Bank, and Comerica Bank as a lender under the company’s credit facility.

“We are very pleased that another major bank has recognized the attractive economics of the single-family rental market and committed to providing additional capital that we can utilize to further grow our portfolio and create long-term value for our shareholders,” said Laurie A. Hawkes, president and COO of the company.

All other terms of the credit agreement remain unchanged. The credit facility currently permits further increases of the maximum borrowing amount up to $500 million, subject to meeting certain criteria and obtaining additional commitments from lenders.

American Residential Properties is an internally managed real estate company, organized as a real estate investment trust (REIT) that acquires, owns and manages single-family homes as rental properties.