Blackstone Eyes First-Ever REO-to-Rental Securitization
Blackstone eyes first-ever REO-to-rental securitization
March 13 (IFR) – Blackstone is preparing a first-of-its-kind securitization of REO-to-rental properties, and the deal could come later this year, according to sources with knowledge of the plans.
Word of the plans comes a week after the private equity giant got an increased bank loan from Deutsche Bank and others to expand its significant holdings of single-family homes.
Market sources told IFR that Blackstone is planning at least one securitization to help underpin its long-term financing in the REO-to-rental sector.
Blackstone and Deutsche Bank both declined to comment.
REO-to-rental is a relatively new phenomenon, as companies have bought up distressed properties – many foreclosed on in the midst of the financial crisis – in bulk.