Starwood Waypoint Priced its first securitization of single family rental property, a $505 million deal backed by some of the oldest homes in this emerging asset class.

The certificates sold by Starwood Waypoint Residential Trust 2014-1 (SWAY 2014-1) pay an weighted average blended interest rate of 237 basis points over Libor, according to a company press release. The triple-A rated, class A notes priced at 140 basis points over one month Libor, the double-A rated, class B notes priced at 195 basis points over one month Libor and the single-A, class C notes priced at 265 basis points over one month Libor.

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