Seeking Alpha

Blackstone readies launch of another single-family rental securitization

  • Pricing on all but the deal's top tranche is reportedly 15-50 basis points wider than the whispers, but the AAA piece is in line in the area of Libor +100 bps.
  • Blackstone's (BX) Invitation Homes launched the first-ever rental payment securitization late last year, and it's since been followed by one from American Homes 4 Rent.
  • It was at first thought the securitization process would offer a cheap source of capital for institutional types to keep up their fast pace of single-family purchases, but for Blackstone, American Homes 4 Rent, and Colony American Homes - to name three - have slowed down considerably. "The institutional wave has passed," said the firm's global head of real estate Jon Gray two months ago.
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