Progress Residential has entered into a new revolving credit facility of $400 million. The proceeds will be used for the acquisition, renovation and management of single-family homes across the country. Deutsche Bank served as sole lender for the transaction.

“We are very pleased to partner with Deutsche Bank on this financing as we continue to invest in our growing portfolio of homes in attractive markets across the country,” said Donald R. Mullen, Jr., Chief Executive Officer of Progress. “As we ramp up our investment activities, we look forward to enhancing neighborhoods by providing a broader range of exceptional, well-maintained homes on a flexible, rental basis.”

Formerly known as Fundamental REO LLC, Progress Residential is one of the largest providers of high quality single-family rental homes in the U.S., leasing nearly 6,000 homes in 20 markets across nine states.