Camden Homes and CooperZadeh Announce a $375 million Credit Facility Closing with Global Atlantic for 2,000 Single Family Rental Homes
Camden Homes has secured a $375 million credit facility from Global Atlantic Financial Group to finance the long-term hold of approximately 2,000 single-family rental homes across Texas.
Sentiment and the balance of points
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Rhea-AI Summary
Camden Homes has secured a $375 million credit facility from Global Atlantic Financial Group to finance the long-term hold of approximately 2,000 single-family rental homes across Texas. This initiative aligns with Camden's mission to enhance living conditions and expand quality rental options in existing communities and future developments. The company will continue to allocate a substantial portion of its pipeline for owner-occupied housing. Legal advisement was provided by Greenberg Traurig and Sidley Austin, along with Ackman-Ziff Real Estate Group for Camden.
Positive
- Secured a $375 million credit facility for strategic expansion in the rental market.
- Focus on providing quality rental homes supports Camden's long-term growth strategy.
Negative
- None.
Details
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DALLAS, July 29, 2021 /PRNewswire/ -- Camden Homes, LLC, a Dallas based homebuilder publicly announced the closing of a credit facility with the Global Atlantic Financial Group. The facility was created to finance the long-term hold of approximately 2,000 single family homes throughout Texas.
Consistent with Camden Homes' mission of changing lives by helping fulfil the American Dream of living in a home, the venture focuses on providing newly constructed, high quality rental homes in Camden's existing communities and future planned developments. Camden will still dedicate a significant portion of its existing over 4,500 lot pipeline to "for sale/owner occupied" product.
Greenberg Traurig acted as legal advisor to Camden Homes, Sidley Austin acted as legal advisor to Global Atlantic, and Evan Linkner and team with the Ackman-Ziff Real Estate Group advised Camden on the transaction.
About CooperZadeh/Camden Homes
Founded in 1998 by Ted Zadeh and Simmie Cooper, Camden Homes LLC is a privately-owned homebuilder based in North Texas that provides quality entry-level housing throughout Texas. Under the leadership of current CEO Cyrus Zadeh, Camden Homes is active in the entry level for sale market and the build to rent market.
CooperZadeh is an affiliated company of Camden Homes founded in 2014. The company operates as an asset management company with investments in single family homes and residential lot developments.
About Global Atlantic
Global Atlantic Financial Group is a leader in the U.S. life insurance and annuity industry, serving the needs of individuals and institutions. With differentiated investment and risk management capabilities, deep client relationships, and a strong financial foundation, the company has established a track record of delivering proven, value-added solutions and long-term growth. Global Atlantic is a majority-owned subsidiary of KKR, a leading global investment firm that offers alternative asset management across multiple strategies and capital markets solutions. KKR's parent company is KKR & Co. Inc. (NYSE: KKR).
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SOURCE Camden Homes
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