05:09 PM EDT, 09/09/2024 (MT Newswires) -- Invitation Homes ( INVH ) said Monday it has closed a $3.5 billion senior unsecured credit facility comprising of a $1.75 billion revolving line of credit and a $1.75 billion term loan.

The initial maturities are September 2028, with each carrying two 6-month extension options, the company said. The new $1.75 billion revolver replaces its existing $1.0 billion revolving credit facility.

Separately, Invitation also said that in July and August it signed deals to buy 580 single-family homes for lease from two of its homebuilder partners for about $216 million in its core markets of Tampa, Denver, and the Carolinas.

About 80% of the acquisitions are completed homes in various stages of stabilization, the company said, adding the rest are deliveries expected to start later this month.