Real estate investment trust Front Yard Residential Corp. said in its second-quarter earnings release that it purchased property manager HavenBrook Partners LLC and a portfolio of 3,236 single-family rental homes managed by HavenBrook, for a combined $485.0 million, and commenced an internalization of its property management.

The single family-focused REIT also obtained a $508.7 million 10-year, fixed rate loan from Berkadia Commercial Mortgage LLC as part of Freddie Mac's affordable single-family rental pilot program. The financing covers 2,798 of the newly acquired properties along with 2,015 additional properties already owned by Front Yard.

Front Yard is looking to transition the management of the roughly 4,000 properties currently managed by Altisource Portfolio Solutions SA to the internal property manager by Dec. 31.

Bloomberg News reported on the acquisition earlier, noting that the loan "marks the biggest deal the mortgage giant has done in its single-family-rental program." Berkadia is a joint venture of Berkshire Hathaway Inc. and Jefferies Financial Group Inc., the news outlet noted.

HavenBrook was both majority-owned by a Pacific Investment Management Co. fund, Bloomberg News noted in its Aug. 9 report. The seller declined to comment, according to the report.