Investors - JANUARY 14, 2022

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Barings invests $200m to single-family firm The Promise Homes Co.

by Andrea Zander

The Promise Homes Co., one of the largest Black-owned managers of institutional-quality, single-family residential rental homes in the United States, has closed on a $200 million institutional debt facility from Barings.

This facility is part of a recapitalization to form a new joint venture with other institutional investors to grow Promise Homes’ portfolio of single-family rental homes to institutional scale, thereby providing investors expanded access to Promise Homes’ model of resident empowerment and attractive returns while also expanding the reach of its unique financial incentive offerings to middle-class and working-class residents across the country. Promise Homes’ existing portfolio of 663 homes is seeding the new joint venture, as it continues to pursue additional institutional equity and debt capital to grow the portfolio to more than 10,000 homes during the next two to four years.

“This transaction provides an unparalleled proof point that Promise

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