Progress Residential said today that its new revolving credit facility of $400 million it has entered into with Deutsche Bank will be used to bulk up its portfolio of single family home rental assets.
Progress Residential currently leases nearly 6,000 homes in 20 markets across nine states.
The group joins a growing line of real estate private equity groups securing bank financing to ramp up single family home rental assets.
Last week Colony American Homes (CAH) announced that it closed a $500 million credit facility with J.P. Morgan would be used to acquire single-family homes across the U.S.
“We are very pleased to partner with Deutsche Bank on this financing as we continue to invest in our growing portfolio of homes in attractive markets across the country,” said Donald R. Mullen, Jr., Chief Executive Officer of Progress.