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Altisource Residential buys single-family rental portfolio in $652.3M seller-funded deal

AltisourceResidential Corp. purchased 4,262 single-family properties in aseller-funded transaction valued at $652.3 million, more than doubling the sizeof its single-family rental portfolio.

The company said the transaction widens its footprint inmarkets such as Florida, Georgia, Tennessee, Texas, North Carolina and SouthCarolina.

The seller financing for the deal, which made up 75% of thepurchase price, was provided under a loan agreement with up to a five-year termand a one-month LIBOR floating interest rate plus a fixed spread.

Main Street Renewal LLC will continue to manage theportfolio as a condition of the seller financing. The sellers wereAmherst Holdings LLC-backed investment funds.

Altisource Residential's other real estate and single-familyrental properties will remain under Altisource Portfolio Solutions SA'smanagement.

Altisource Residential also amended its master servicesagreement with Altisource Portfolio, in exchange for a waiver of AltisourcePortfolio's exclusivity provision for this transaction. The amended agreementprovides for a $60 million contingent liquidation fee in the event the REITresolves to liquidate at least 50% of its single-family rental portfolio managedby Altisource Portfolio.