Quinn Residences, an owner, operator and developer of dedicated rental communities in the Southeast, closed an expansion of its existing revolving credit facility led by JPMorgan Chase, adding $350 million to increase the committed borrowing capacity to $850 million.
With $1.5 billion of total capacity under the facility, the upsize leaves an additional $650 million available for future increases. The facility provides 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 on strategic opportunities.
“We’re incredibly grateful to JPMorgan Chase Bank for leading this facility, to the other participating banks and 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 modern, dedicated single-family rental communities.”
JPMorgan Chase, BMO Harris and M&T Bank were the joint lead arrangers and joint bookrunners for the facility, with JPMorgan Chase serving as administrative agent. BMO Harris, 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 Quinn Residences on the transaction.
