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Reven’s headquarters in La Jolla. Photo by Google Streetview

LA JOLLA, CA–Up and coming single-family rental home REIT Reven Housing has secured a $51.3 mortgage loan from Freddie Mac, which the company is using to pay off several mortgage notes and to fund further acquisitions. As part of the due diligence process, Reven Housing REIT’s portfolio was valued at $94.8 million, suggesting an estimated net asset value of approximately $6 per share.

The financing, which was originated by Arbor Agency Lending, is a seven-year, interest-only loan with a fixed interest rate of 4.74%. The loan is secured Reven’s 824 single family homes. The REIT is using $33 million of the proceeds to pay off and replace eight outstanding amortizing mortgage notes, with $17 million slotted for future purchases.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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