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SBY new REIT of Interest

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MWM Member Level  Wednesday, 01/09/13 11:36:22 AM
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SBY new REIT of Interest

Silver Bay Realty Trust Corp., a publicly traded arm of Two Harbors, raised $245 million in an initial public offering last month. It rose 0.8 percent to $21.30 at 9:32 a.m. in New York, extending its 14 percent gain through yesterday since it started trading. The firm, led by Chief Executive Officer David Miller, a former Goldman Sachs Group Inc. executive and U.S. Treasury Department official, is the largest public real estate investment trust concentrating on single-family homes.
“We are seeing increased supply of rental homes as some of these big companies have moved into the space, but we’re still seeing a strong appetite as well,” said Colin Wiel, co-founder and managing director of Waypoint. “We always anticipated that prices were going to rise pretty quickly. They’ve risen quicker during the last 12 months than we would’ve guessed.”
Blackstone currently buys all of its homes with cash and then finances pools of houses with up to 60 percent debt. Conventional single-family home mortgages are financed with a 20-percent down payment.

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