August 10, 2018
Front Yard Residential secured $508.7 million in financing for a single-family rental pool totaling 4,813 rental units across 12 states. Berkadia’s Anthony Cinquini secured the financing through Freddie Mac on behalf of the U.S. Virgin Islands-based borrower. The 10-year permanent financing was sized using a 69% loan-to-value ratio and a 30-year amortization schedule.
Cinquini says, “Though we’ve closed five single-family rental financings with Freddie Mac’s Affordable Single-Family Rental (SFR) Pilot Program totaling over $100 million to date, this is a significant accomplishment for Berkadia and Freddie Mac.”
The pool is comprised of 4,636 single-family homes, 96 townhomes, 34 duplexes, 3 triplexes and one quadplex. More than 78% of the units financed have rents that are considered affordable for families earning at or below 80% of the area median income (AMI), and 93% of the units are affordable for families earning at or below 100% AMI.
For comments, questions or concerns, please contact Dennis Kaiser