Invitation Homes is sticking to the same large loan model of past single-family rental securitizations in its first deal of 2015.

The Blackstone Group subsidiary, which has been a steady issuer of rental-backed bonds since issuing its first deal in 2013, is securitizing a $540.9 million floating rate loan that pays only interest throughout its two-year term. The deal, Invitation Homes 2015-SFR1, is the issuer’s 5th transaction.

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