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BTR Daily - April 9, 2025 - Progress Residential to sponsor two securizations raising $1.4 billion

BTR Daily - April 9, 2025 - Progress Residential to sponsor two securizations raising $1.4 billion

CoreVest provides $6 million credit line. ONM sells Texas BTR. Parkland promotes key members. Crescent's Tony Chen on BTR market. Two new BTR deals.

Matt H & Aid Sopjani
April 09, 2025

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NEWS ROUNDUP

FUNDRAISING: Progress Residential to sponsor two securizations raising $1.4 billion. Progress Residential Trust is set to sponsor two securitizations totaling $1.4 billion, backed primarily by single-family rental homes. The two series, 2025-SFR2 and 2025-SFR3, are expected to close by the end of April. These properties have low delinquency and vacancy rates, with average monthly rents of $1,799 and an average broker price opinion of $288,414. SFR Investments V REIT is the sponsor for this transaction.

FINANCING: CoreVest provides $6 million credit line for 66-home portfolio. Tim Leber, VP at CoreVest, announced that CoreVest has funded a 66-unit SFR portfolio across Cleveland, OH. The funding came in the form of a $6 million credit line.

DISPOSITION: ONM sells Texas BTR. ONM Living has sold the Cottages at Summer Creek, a 196-unit build-to-rent residential community in South Fort Worth. Developed in partnership with All Pro Capital, the property was completed in 2023 and spans 18 acres. The buyer was Stockbridge Capital Group, with Berkadia brokering the transaction.

PEOPLE MOVES: Parkland promotes key team members. Parkland Communities has announced the promotion of three key team members—Nick Patti, Michael Paul, and Ian Young—to Partner, granting them an ownership stake in the company. Each of the newly named partners has played a vital role in the company’s rapid expansion and strategic evolution.

READ: Crescent’s Tony Chen on the BTR market.