MENLO PARK, CA—GI Partners has completed a dividend recapitalization of its portfolio of singlefamily rental homes, held as a partnership with SFRpioneer, Oakland, CA-based Waypoint Real Estate Group. According to the firm, this represents the first large scale transaction of its kind in the SFR industry.
The new senior credit facility, which was priced competitively along with a maturity date extension, successfully increased the company's total debt capacity to $410 million. The facility was provided by Citi.
GI Partners made a $200 million commitment to its partnership with Waypoint in December 2011 to fund the company's expansion. Since then, GI has utilized the Waypoint platform to invest over $500 million of capital to create a high quality portfolio of income-producing single family rental homes.
“Back in late 2011, GI Partners was the first private equity firm to make a sizable commitment to single family rental,” explains Susan Mills, managing director at Citi. “Citi is proud to have been the first lender to embrace the space in a significant way with our initial loan to GI/Waypoint in 2012.”
Hoon Cho, managing director at GI Partners, adds that "The transaction represents strong institutional support for the portfolio, which is currently 94% leased and occupied. We look forward to continuing to work closely with Waypoint to capitalize on the current market opportunity."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
