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JPMorgan Chase Bank Leads $350MM Revolving Credit Facility Expansion for Quinn Residences

April 10, 2024, 07:32 AM
Filed Under: Real Estate

Quinn Residences, a leading owner, operator, and developer of dedicated rental communities in the Southeastern United States, announced the closing of an expansion of its existing revolving credit facility led by JPMorgan Chase Bank. The Company added $350 million to increase the committed borrowing capacity to $850 million. With $1.5 billion of total capacity under the Facility, this upsize leaves an additional $650 million available for future increases. The Facility provides the Company with the financial resources and flexibility to continue supporting its growth plans through various activities, including acquiring land for development, building new homes, purchasing completed communities, and executing on strategic opportunities.

With this increased Facility, Quinn Residences is well-positioned to continue executing the Company's strategy of partnering with local builders and developers. This expansion also furthers Quinn's mission to become the leading owner and operator of dedicated rental home communities across attractive, high-growth markets in the Southeast United States. With this additional capacity, Quinn will be able to accelerate its efforts to make living easier and more accessible by developing new rental communities that serve and enrich the lives of its residents. This is possible by increasing the supply of reasonably priced, highly amenitized, and well-maintained housing.

JPMorgan Chase Bank, BMO Harris Bank, and M&T Bank were the Joint Lead Arrangers and Joint Bookrunners, with JPMorgan Chase Bank, as Administrative Agent. BMO Harris Bank, M&T Bank, and Royal Bank of Canada served as Syndication Agents. Flagstar Bank, Raymond James, and The Bank of Nova Scotia served as Documentation Agents, while Synovus and First Financial Bank also participated in the Facility. Nate Weyer, Managing Director with Franklin Street Capital, served as sole advisor to the Company on the transaction.

"We're incredibly grateful to JPMorgan Chase Bank for leading this Facility, to the other participating banks, and our investors for their support as we embrace this significant milestone for Quinn," said Richard Ross, Chief Executive Officer of Quinn Residences. "We are eager to continue working towards achieving our vision of being a key player in helping resolve the U.S. housing shortage through modern, dedicated single-family rental communities."

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