GREENWICH, CT-Starwood Property Trust Inc. intends to spin-off its single-family home rental division into a new REIT that will be managed by the management division of Waypoint Real Estate Group.
As part of the deal, Starwood is acquiring Waypoint's management division, according to Bloomberg News. The new company, Starwood Waypoint Residential Trust, held $750 million in 4,268 homes and nonperforming loans on 1,549 properties as of Sept. 30, Starwood Property reports.
The new REIT will receive $100 million in cash from its parent, a $400-million line of credit and no debt, which will position it to be the second largest publicly traded single-family rental REIT by portfolio value, according to Starwood Property CEO Barry Sternlicht
“We're buying $50 million to $60 million homes a month and the baby is getting a little large --like Moby-Dick,” he said. See story at Bloomberg News.
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