Shearman & Sterling represented RBC Capital Markets in providing a bridge commitment to finance the $2.4 billion acquisition and privatization of Front Yard Residential Corporation by a venture formed by Pretium Partners and Ares Management Corporation.
Pretium has developed an industry-leading platform that includes more than 40,000 residential homes under management.
Front Yard Residential is a public REIT with a portfolio of more than 14,000 single family rental homes and an industry leader in providing quality, affordable rental homes to U.S. families.
The resulting merger that will take Front Yard private is subject to shareholder approval and is expected to close in the first quarter of 2021. The merger is expected to create the second-largest single-family rental owner and operator in the U.S.