Colony Starwood to assume Waypoint/GI Venture $500 million term loan

By Marisa Wong

Morgantown, W.Va., June 5 – Colony Starwood Homes expects to assume Waypoint/GI Venture, LLC’s $500 million secured term loan due Dec. 15, 2018 as part of Colony Starwood’s planned acquisition of a portfolio of single-family rental homes from Waypoint/GI Venture, according to an 8-K filing with the Securities and Exchange Commission.

Colony Starwood entered into a purchase agreement with Waypoint/GI Venture on Monday. The transaction is valued at about $815 million, including the $500 million of term loan debt. The acquisition, which is conditioned on the assumption or payoff of the term loan, is expected to close in the third quarter.

On Monday the company also announced a public offering of common stock. The company plans to use the proceeds to help fund the acquisition and to repay some of its existing debt.

Colony Starwood is a Scottsdale, Ariz.-based owner and operator of single-family rental homes.

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