SCOTTSDALE, AZ-Colony American Homes, which buys and manages single-family homes for rent, has closed on a $500 million credit facility with JP Morgan. The facility also offers an accordion feature allowing CAH to increase it to $1 billion.

CAH plans to use the proceeds to continue acquiring single-family homes. “The closing of this credit facility is another significant milestone in the growth of our business, and these funds, combined with our existing private equity capital, will allow us to continue to actively acquire homes in our selected markets across the country,” says Justin Chang, CAH’s CEO. “The ability to easily expand the credit facility as we grow is also attractive and provides for future growth capability as well.”