Colony American taps accordion, ups credit facility to $1.2 billion

By Toni Weeks

San Luis Obispo, Calif., Nov. 25 - Colony American Homes announced it has expanded its credit facility to $1.2 billion with a group of banks led by JPMorgan and Credit Suisse.

The original $500 million facility was arranged in September and had a $500 million accordion feature, according to a press release.

Proceeds will be used to acquire single-family homes across the United States.

Colony American Homes also announced it has hired advisers to assist the company in structuring a securitization transaction backed by rental income from a portion of its single-family rental homes portfolio.

Scottsdale, Ariz.-based Colony American acquires, renovates, leases and manages single-family residential homes in the United States.

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