New Single-Family REIT Boosts Debt To Buy Homes

Law360, New York (September 23, 2013, 3:31 PM EDT) -- American Residential Properties Inc., one of a handful of new real estate investors scouring the market for single-family homes, said Monday it had nearly doubled its credit line to continue growing its portfolio.

American Residential now has $290 million in dry powder, up from its old limit of $150 million, according to a regulatory filing. The loan, which is administered by Bank of America NA and syndicated to a handful of lenders, also includes an “accordion” feature that boosts the borrowing power lower than $500 million...
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