Starwood Waypoint Residential Trust Announces Pricing of $504.5 Million Single-Family Rental Securitization

OAKLAND, Calif.– Starwood Waypoint Residential Trust (NYSE:SWAY) (the “Company”), announced today the pricing of its first securitization transaction. The transaction involves the issuance and sale of single-family rental pass-through certificates that represent beneficial ownership interests in a floating rate loan secured by mortgages on 4,095 single-family rental properties and a pledge of equity in the borrower. The company offered $504.5 million of certificates at a weighted average blended interest rate of LIBOR plus 237 basis points. The loan will have a two-year term with three one-year extensions at the option of the borrower. The securitization transaction is intended to reduce the Company’s cost of capital.

The transaction is expected to close on or about December 19, 2014, subject to satisfaction of customary market and other closing conditions.

The certificates will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

The certificates will be offered and sold in the United States only to qualified institutional buyers (as defined in the Securities Act) pursuant to Rule 144A under the Securities Act or to certain “non-U.S. persons” outside of the United States in accordance with Regulation S under the Securities Act.

This press release is neither an offer to sell nor a solicitation of an offer to buy the certificates nor shall there be any sale of the certificates in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

West Coast Commercial Real Estate News