OAKLAND, CA—Starwood Waypoint Residential Trust has released 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, and it expected to close on or about December 19 subject to satisfaction of customary market and other closing conditions.

The certificates will not be registered under the Securities Act of 1933, as amended, 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.