ATLANTA , April 17, 2023 /PRNewswire/ — Quinn Residences (“Quinn” or the “Company”) is the largest pure owner of high-quality, purpose-built rental single-family communities in the Southeastern United States. The United States today announced the closure of a $500 million revolving credit facility (the “Plan”) led by JPMorgan Chase Bank. The accordion feature allows us to increase our borrowing capacity by up to $1.5 billion. This facility provides us with additional financial resources and flexibility to support our growth plans through a variety of activities, including acquiring development land, constructing new housing, and purchasing completed communities.
“Thanks to this facility and more than $900 million in investment from sponsor Conversant Capital, Quinn is partnering with local builders and developers to become a leading owner and owner of attractive regional rental housing communities. We are well-positioned to execute on our strategy to become an operator in the high-growth markets in which we operate,” said Richard Ross, CEO of Quinn. “We appreciate the support and thoughtfulness of our investors and banking group in recognizing our long-term vision for a modern single-family rental business.”
Quinn Residences today announced the closing of a $500 million revolving credit facility led by JPMorgan Chase Bank.
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“At Quinn, our mission is to make life easier and more accessible. This facility accelerates our efforts to further that mission. We don’t just develop housing. We believe in building new communities that serve and enrich the lives of our residents. Creating more affordable housing is an essential part of addressing our nation’s housing shortage, and we are committed to doing just that,” Ross added.
JPMorgan Chase Bank, NA, BMO Harris Bank, and M&T Bank were joint lead arrangers and joint bookrunners, and JPMorgan Chase Bank, NA was the managing agent. BMO Harris Bank NA and M&T Bank also served as syndicating agents. Flagstar Bank of NA served as document agent, with Royal Bank of Canada, Synovus and Bank of Nova Scotia also participating in the facility. Nate Weier, Managing Director of Franklin Street Capital, acted as sole advisor to the Company on this transaction.
About Quinn Residences
Founded in 2020 and headquartered in Atlanta, Quinn Residences is an institutionally backed real estate management company that develops new, well-located, well-equipped single-family rental-only communities in key markets in the Southeastern United States. We are focused on development, ownership and operation. For more information about Quinn Residences, please visit our website at https://live-quinn.com/.
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