Quinn Residences Announces the Expansion of its Revolving Credit Facility to $1 Billion
ATLANTA, Nov. 20, 2024 /PRNewswire/ -- Quinn Residences ("Quinn" or the "Company"), a leading owner, operator, and developer of dedicated rental communities in the Southeastern United States, announced today the closing of an expansion of its existing revolving credit facility (the "Facility") led by JPMorgan Chase Bank. The Company added The Huntington National Bank as a Joint Lead Arranger and Syndication Agent, increasing the committed borrowing capacity to $1 billion. With $1.5 billion of total capacity under the Facility, this upsize leaves an additional $500 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 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.
"We're incredibly grateful to Huntington for joining this Facility, to the other participating banks, and to 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 developing modern, dedicated single-family rental communities."
JPMorgan Chase Bank, N.A., BMO Harris Bank, N.A., and M&T Bank were the Joint Lead Arrangers and Joint Bookrunners, with JPMorgan Chase Bank, N.A. as Administrative Agent. BMO Harris Bank N.A., M&T Bank, and Royal Bank of Canada served as Syndication Agents. Flagstar Bank, N.A., 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.
To learn more about the latest Company updates, visit www.live-quinn.com.
About Quinn Residences
Quinn Residences is a leading real estate operating company focused on developing and operating new, well-located, highly-amenitized dedicated rental communities throughout the Southeastern United States. Founded in 2020 and based in Atlanta, GA, the company currently comprises a portfolio of over 5,074 homes across 34 communities. Through sustainable development practices, Quinn Residences focuses on creating great neighborhoods and designing homes for modern living. Their communities offer a wide range of amenities and services that make it easy for residents to enjoy life to the fullest while allowing more time for living. For the latest property updates, visit https://live-quinn.com/ or follow us on LinkedIn, Facebook, and Instagram.
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SOURCE Quinn Residences
