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Invitation Homes secures $1.06B loan via special purpose subsidiary

An indirect special purpose subsidiary of Invitation Homes Inc. obtained a seven-year, floating-rate loan with a total principal balance of approximately $1.06 billion from JPMorgan Chase Bank NA.

The secured loan has a 25-month initial term with five 12-month extension options. It consists of six floating rate components and was funded through proceeds from a third-party trust entity's issuance of pass-through certificates.

The interest rate of the loan was calculated monthly for each of its components based on a one-month London Interbank Offered Rate of between 0.90% to 2.25% plus a combined fixed servicing and the Commercial Real Estate Finance Council's licensing fee. For risk-retention purposes, the single-family focused residential real estate investment trust retained 5% of each component for about $52.9 million.

Invitation Homes will use the loan to repay outstanding mortgage amounts related to its IH 2015-1 and IH 2015-2 securitizations and to fund certain reserves, with any remaining amount to be directed toward general corporate expenditures.