Avanta Residential Reaches Financial Close for Homes at Painted Tree in McKinney, Texas

Rhea-AI Summary

Avanta Residential has secured construction financing from J.P. Morgan for its Painted Tree build-for-rent project in Texas, marking J.P. Morgan's first venture into the single-family rental sector. The project will feature 276 homes and various amenities, including a clubhouse and fitness center. Situated 40 miles north of Dallas, the community benefits from proximity to downtown McKinney and major employers. Avanta's Managing Director expressed excitement over this partnership, emphasizing the growing demand for purpose-built single-family rentals. The homes are expected to be completed by mid-2023.

Positive

• Secured construction financing from J.P. Morgan, a major financial institution.
• First Build-for-Rent project financed by J.P. Morgan, indicating confidence in Avanta.
• 276 homes will be built, enhancing community housing options in McKinney.
• Located in a rapidly growing area with proximity to major employers and amenities.

Negative

• None.

DENVER, Jan. 6, 2022 /PRNewswire/ -- Avanta Residential today announced that the firm closed the construction financing for its Painted Tree build-for-rent project with J.P. Morgan.  This marks Avanta's second project under the Avanta brand in Texas and J.P. Morgan's first financing in the single-family Build-for-Rent sector. 

The single-family rental community will consist of 276 homes and townhomes and will include a leasing center, clubhouse, fitness center, covered outdoor great room, yoga lawn, and swimming pool with poolside cabanas.  Residents will also enjoy green space, pocket parks, and electric car charging stations.

"We are thrilled to partner with J.P. Morgan, the largest Bank in the United States, to finance this project.  It is truly an honor for Avanta to become J.P. Morgan's first build-for-rent client and a credit to the Avanta team," said Peter Spier, Avanta's Managing Director.

The Painted Tree master-planned community is located in a rapidly growing area 40 miles north of Dallas.  In addition to being located merely two miles from historic downtown McKinney, numerous national retailers are located nearby, including Lowes, Home Depot, Sam's Club, Walmart, and Kroger.  Major employers include Raytheon, Space and Airborne Facility.  Encore Wire Corporation is headquartered in McKinney.  Baylor Scott & White Medical Center McKinney and Baylor Primary Care McKinney are located south of the property.

"J.P. Morgan is proud to support Avanta with the development of this single-family rental community," said Brent Houston, J.P. Morgan Real Estate Banking Executive Director.  "We're delighted to work with industry leaders in their effort to fill an unmet need for housing while offering amenities with the potential to enhance the wellness of the residents." 

Avanta, headquartered in Denver, was formed in 2020 to respond to the increasingly popular purpose-built single-family rental industry.  Avanta is continuing to add to its already experienced team to execute on its development pipeline.

Avanta plans to deliver homes at Painted Tree in mid-2023. 

About Avanta
Avanta is setting the standard for the build-for-rent communities' industry.  Avanta was created out of the deep experience of Hunt Companies Inc., a diversified, family-owned holding company with more than $8.5 billion in completed real estate developments and 50,000 single-family rental homes across the United States.   Avanta is committed to building amenity-rich and sustainable communities that flourish and thrive and deliver outstanding performance to investors.  Avanta is active in Texas, Florida, Georgia, and Colorado and expanding its footprint.  For more information, www.avantaresidential.com.

About JPMorgan Chase Commercial Banking
JPMorgan Chase Commercial Banking is a business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $3.8 trillion and operations worldwide.  Through its Middle Market Banking & Specialized Industries, Corporate Client Banking & Specialized Industries and Commercial Real Estate businesses, Commercial Banking serves emerging startups to midsize businesses and large corporations as well as government entities, not-for-profit organizations, and commercial real estate investors, developers and owners.  Clients are supported through every stage of growth with specialized industry expertise and tailored financial solutions including credit and financing, treasury and payment services, international banking and more.  Information about JPMorgan Chase Commercial Banking is available at www.jpmorganchase.com/commercial.

 

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SOURCE Avanta Residential

FAQ

What is the Painted Tree project by Avanta Residential?

The Painted Tree project is a build-for-rent community featuring 276 homes and various amenities, located in McKinney, Texas.

When is the completion date for the Painted Tree homes?

Avanta Residential plans to deliver homes at the Painted Tree project by mid-2023.

What financial institution is involved with the Painted Tree project?

J.P. Morgan has provided the construction financing for the Painted Tree project.

Where is the Painted Tree community located?

The Painted Tree community is located 40 miles north of Dallas in McKinney, Texas.

How many homes will be built at Painted Tree?

The Painted Tree project will consist of 276 homes and townhomes.