Associa, the industry’s largest community management company, announced a new $1.27 billion senior secured credit facility. The financing was led by Owl Rock, a Division of Blue Owl. Blue Owl is a $52 billion leading alternative asset management platform.

The company intends to use the capital to refinance an existing credit facility and to fund general corporate purposes and continued M&A. The new facility also includes a revolver and delayed draw term loans.

Jose Bosco Maldonado, CFO of Associa, said: “This transaction provides us with increased financial flexibility to support our key growth initiatives and enables us to better execute on our corporate strategy and continued M&A. We are pleased to open a new chapter with Owl Rock, whose strong understanding of our underlying business has made them an ideal financing partner.”

Scott Turco, Managing Director at Owl Rock, a Division of Blue Owl, said: “We are thrilled to expand our longstanding partnership with Associa. John Carona and the management team are true industry trailblazers and this transaction will provide them the liquidity they need to further accelerate their growth. We look forward to seeing the company’s continued success over the coming years.”