US: Investment manager Pretium Partners has completed the securitisation of Progress Residential 2025-SFR3, marking the first single-family rental (SFR) deal consisting entirely of build-to-rent (BTR) communities.
The transaction, which closed on July 2, 2025, totals US$778.5 million (£610 million) and includes 2,020 homes across 21 newly built BTR residential communities.
The deal was arranged by Goldman Sachs, Citigroup, Deutsche Bank, Nomura, Pretium Securities, and RBC Capital Markets.
It is the first of its kind to securitise only purpose-built rental housing within the SFR sector.
Law firm Dechert advised Pretium on the transaction, continuing its role as a key legal advisor in the SFR space.
In 2024, Dechert ranked as the top issuer counsel for SFR deals, with deal volume reaching US$7.8 billion (£6.1 billion), according to Asset-Backed Alert.
The legal team at Dechert was led by partners Ken Hackman and Jon Gaynor, with support from associates Dan Latella, Mallory Morris, and Jessica Warshaw.
Highlights:
– Pretium Partners has completed a £610 million securitisation of BTR communities.
– The securitisation has included 2,020 homes across 21 BTR residential communities.
– Progress Residential 2025-SFR3 has been arranged by six major financial institutions, including Goldman Sachs and Citigroup.
– Dechert has advised Pretium on the deal and maintained its leading position in the SFR legal market.
