Pretium to Obtain $519M ABS Loan for SFR Collection
The debt backs nearly 2,000 single-family rental homes.
Pretium Partners’ Progress Residential is on track to receive a $519 million ABS loan originated by Wells Fargo, according to a Fitch Ratings report. The five-year, fixed-rate, interest-only note backs a portfolio of 1,798 single-family rental homes across 12 states.
Pretium acquired the assets between 2019 and 2024, with 88.7 percent of the homes purchased between 2020 and 2022. Fitch estimates the portfolio—96.1 percent occupied as of April—to be valued at $588.7 million.
The homes average 1,776 square feet in size and have an average vintage of 21 years. The collection is scattered throughout 20 markets; however, more than half of the properties are within the metropolitan areas of Phoenix, Atlanta and Nashville, Tenn. Florida also encompasses a significant portion of the homes—14.1 percent.
READ ALSO: BTR Townhomes Take Off
This is the second loan Pretium seeks to obtain in just as many months. In June, it landed a $778.5 million note issued by Goldman Sachs. That debt backed 2,020 SFR homes across 10 states. Pretium faced some challenges securing that loan, as an initial deal fell apart in April.
Pretium’s recent financing deals
Among its other recent ventures, Pretium kicked off 2025 by closing its homebuilder finance vehicles at $550 million. The firm expects the investment vehicle to originate up to $5 billion throughout its life.
Pretium earmarked the funds to be deployed toward BTR and single-family for-sale projects, as well as the renovation of aged homes for ownership with conventional mortgages.
Last year, the company raised $1.5 billion for its sixth single-family rental housing fund. Sponsors included insurance companies, wealth managers and U.S. pension plans, including the Virginia Retirement System, which pledged $150 million.
