Quinn Residences, an owner, operator and developer of dedicated rental communities in the Southeastern United States, closed an expansion of its existing revolving credit facility led by JPMorgan Chase Bank. The company added The Huntington National Bank as a joint lead arranger and syndication agent, increasing the committed borrowing capacity to $1 billion. With $1.5 billion of total capacity under the facility, this upsize leaves an additional $500 million available for future increases. The facility is designed to provide the company with the financial resources and flexibility to continue supporting its growth plans through various activities, including acquiring land for development, building new homes, purchasing completed communities and executing strategic opportunities._x000D_
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“We’re incredibly grateful to Huntington for joining this facility, to the other participating banks, and to our investors for their support as we embrace this significant milestone for Quinn,” Richard Ross, CEO of Quinn Residences, said. “We are eager to continue working towards achieving our vision of being a key player in helping resolve the U.S. housing shortage through developing modern, dedicated single-family rental communities.”_x000D_
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JPMorgan Chase Bank, BMO Harris Bank and M&T Bank were the joint lead arrangers and joint bookrunners, with JPMorgan Chase Bank as administrative agent. BMO Harris Bank, M&T Bank and Royal Bank of Canada served as syndication agents. Flagstar Bank, Raymond James and The Bank of Nova Scotia served as documentation agents, while Synovus and First Financial Bank also participated in the facility. Nate Weyer, managing director with Franklin Street Capital, served as sole advisor to the company on the transaction.
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