SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Colony American Homes (“CAH”) announced today that it has closed on a $500 million credit facility with J.P. Morgan. The facility has a $500 million accordion feature that allows CAH to increase the credit to $1 billion. CAH will use the proceeds to continue to acquire single-family homes across the United States.
Justin Chang, Chief Executive Officer of CAH, said, “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. The ability to easily expand the credit facility as we grow is also attractive and provides for future growth capability as well.”
About Colony American Homes
Colony American Homes (www.colonyamerican.com) is a market leader in the acquisition, ownership, renovation, leasing and management of single-family residential homes in the United States. CAH owns and manages over 15,000 homes for rent in Arizona, California, Colorado, Florida, Georgia, Nevada, and Texas. CAH was formed in 2012 by Colony Capital, a leading global real estate investment firm that has approximately $25 billion of assets under management and has acquired approximately $50 billion of real estate since its founding in 1991.