Real estate investment trust Colony Starwood Homes is issuing its first securitization of single-family rental homes since it was created out of the merger of Colony American Homes (CAH) and Starwood Waypoint Residential Trust (SWAY) last January.

Colony Starwood Homes 2016-1 is backed by a single $538 million loan secured by the investor-owner mortgages in 3,566 homes, with the principal and interest waterfall delivered from rental income.

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