Blackstone issues fifth SFR securitization

Blackstone’s real estate portfolio company, Invitation Homes, has issued its fourth securitization collateralized by single-family homes with a loan-to-value that is seven percentage points higher than the average for the asset class. The transaction, Invitation Homes 2015-SFR1 (IH 2015-SFR1), is collateralized by a single $540.9m floating rate loan originated by JPMorgan Chase Bank and secured by mortgages on 3,072 income-producing single-family homes across 10 states. The two-year loan carries an interest rate 263 basis points above the one month libor rate.