Colony American Homes is working on its third ever single-family rental securitization, according to Kroll Bond Ratings Agency.

The issuer, which placed two transaction in 2014, plans to securitize a $673.8 million, five-year, floating-rate loan that pays only interest for the entire term via Colony American Homes 2015-1. A pool of 3,879 single-family rentals secures the loan, underwritten by J.P. Morgan Chase Bank.

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