Deutsche Bank AG closed a $2.075 billion syndicated loan to facilitate Blackstone Group LP’s REO to rental program yesterday.
Blackstone, which manages the largest real estate private-equity fund, expanded a credit line to buy single-family homes from $600 million to $2.075 billion, an unidentified source told Bloomberg. Originally, the firm had been trying to increase the loan to $1.2 billion.
Deutsche Bank leads the syndicate of banks, according to the source. Other lenders include Bank of America Corp., Credit Suisse Group AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. The Sidley Austinteam that represented Deutsche Bank included Stephen Blevit, Anny Huang and Charles Schrank.
Since 2012, Blackstone has invested $3.5 billion to buy 20,000 single- family rental homes. This makes the New York-based company the largestof its type in the U.S. Blackstone is in the midst of a campaign to acquire properties as the housing market recovers and rental demand increases.
Blackstone and Deutsche Bank declined to comment.