LIT UPDATE
APR 15, 2024
On October 19, 2020, Front Yard Residential Corporation (the “Company” or “Front Yard”), a Maryland corporation, issued a press release announcing the execution of an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Pretium Midway Holdco, LP, a Delaware limited partnership (“Pretium”) and Midway AcquisitionCo REIT, a Maryland real estate investment trust and a direct wholly owned subsidiary of Pretium (“Merger Sub”), pursuant to which the Company will, subject to the satisfaction or waiver of the conditions of the Merger Agreement, merge with and into Merger Sub, with Merger Sub surviving the merger and becoming a wholly owned subsidiary of Pretium. Pursuant to the Merger Agreement, Front Yard will be acquired by a partnership led by Pretium and including funds managed by the real estate equity and alternative credit strategies of Ares Management Corporation.
A copy of the press release is included as Exhibit 99.1 to this Current Report on Form 8-K.
There’s more to this developing case as we’ve highlighted on our micro blog at DBNTCO.https://t.co/v0g36pn8ZQ pic.twitter.com/qNGkfKJXDe
— lawsinusa (@lawsinusa) April 11, 2024
Landlord Cashes Out Foreclosure Crisis Bet in $300 Million Deal
JUN 30, 2021 | REPUBLISHED BY LIT: JUL 3, 2021
GTIS Partners, which amassed a portfolio of homes in the aftermath of the foreclosure crisis, is selling more than 1,000 U.S. rental properties to Pretium Partners for about $300 million, according to people familiar with the deal.
The homes are located across Atlanta and Nashville, Tennessee. Pretium plans to spend $15,000 per property to upgrade the houses, one of the people said. GTIS confirmed the sale but declined to name the buyer. A representative for Pretium declined to comment.
Pretium owns more than 55,000 single-family rental houses through Progress Residential and Front Yard Residential Corp.
The deal comes as Wall Street investors increasingly chase returns in the housing market. The pandemic has fueled demand for suburban living, but ownership is moving out of reach for many Americans as prices surge. That’s boosted single-family rentals, which offer backyards and extra space to people who can’t afford to buy.
New York-based GTIS acquired more than 4,000 houses in the years following the U.S. foreclosure crisis, when Wall Street-backed investors bought thousands of discounted homes at auctions and other distressed-property sales and rented them.
The deal with Pretium “substantially completes” the disposition of those properties.
GTIS has recently joined other investors focusing on acquiring newly built homes designed specifically as rental properties.
New justice a fan of the First Amendment. Must be in the https://t.co/mjDEggRqhs club. “Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press..” #txlege #appellatetwitter pic.twitter.com/DlIh0D3DnF
— LawsInTexas (@lawsintexasusa) July 2, 2021
“This sale represents an important milestone for our firm as we shift our focus to providing a new purpose-built rental product to a market that is in desperate need of new, high-quality supply,” Tom Shapiro, president of New York-based GTIS, said in a statement.
Investors have committed billions to buy rental houses in recent months, with Blackstone Group Inc., KKR & Co. and Brookfield Asset Management Inc. among the firms to make new bets on the demand for suburban living from Americans without the cash to buy homes.
Pretium has also raised new capital for single-family rentals. It partnered with Ares Management to acquire Front Yard for roughly $2.5 billion earlier this year, and also launched a joint venture with Canadian pension manager PSP Investments to invest $700 million in rental houses.
Laham Investments LLC’s Wissal Laham and Christina Griffin Snap Removed by ONITY (PHH)
The lawsuit filed in Harris County District Court pro se with a purported $600,000 sales contract to Wissal Laham.
Sharon Davis, aka Bladen, aka Svetlana Pestova, aka Pestova Holdings LLC TRO Stops ONITY Foreclosure
LIT Investigates:11615 SAGEHOLLOW LN HOUSTON TX 77089-4732 is subject to a purported sales contract with Svetlana Pestova.
Eva Morales Sued by DBNTCO and Endures Bottom Feeder Foreclosure Mill Legal Shenanigans
LIT let this latest case percolate in the draft section and what happened on May 2, 2024 was expected, the case would be nonsuited by DBNTCO.
