Quinn Residences, an owner of communities of single-family homes for rent in the Southeast, closed a $500 million revolving credit facility led by JPMorgan Chase. The facility also includes an accordion feature that permits Quinn Residences to increase the borrowing capacity up to $1.5 billion.
JPMorgan Chase, BMO Harris and M&T Bank were the joint lead arrangers and joint bookrunners for the facility, with JPMorgan Chase as administrative agent. BMO Harris and M&T Bank also served as syndication agents. In addition, Flagstar Bank was a documentation agent, while Royal Bank of Canada, Synovus and The Bank of Nova Scotia also participated in the facility. Nate Weyer, managing director with Franklin Street Capital, served as sole advisor to Quinn Residences on the transaction.
The facility provides Quinn Residences with additional financial resources and flexibility to support its growth plans through a range of activities, including acquiring land for development, building new homes and purchasing completed communities.
“Thanks to this facility and the more than $900 million of committed equity from our sponsor, Conversant Capital, Quinn is well positioned to execute on our strategy of partnering with local builders and developers to be the leading owner and operator of rental home communities in the attractive, high-growth markets in which we operate,” Richard Ross, CEO of Quinn Residences, said. “We appreciate the support and thoughtfulness from our investors and bank group who recognize the long-term vision of our modern single-family rental business.
“At Quinn, our mission is to make living easier and more accessible. This facility will accelerate our efforts to advance that mission. We develop more than just homes. We build new communities that serve and enrich the lives of our residents. We believe that increasing the amount of reasonably priced, highly amenitized, impeccably maintained housing available for our residents is an essential element to addressing our nation’s housing shortage.”