Dechert Advises Pretium Partners on First SFR Securitization Consisting Entirely of Build-to-Rent Communities

Dechert advised Pretium Partners on the securitization of Progress Residential 2025-SFR3, which closed on July 2, 2025. The US$778.5 million transaction was arranged by Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Nomura Securities International Inc., Pretium Securities LLC and RBC Capital Markets LLC. The collateral consisted of 21 build-to-rent (BTR) residential communities comprising 2,020 homes, making this securitization the first of its kind.

Progress Residential 2025-SFR3 is the first-ever single-borrower, single-family rental (SFR) securitization consisting entirely of BTR communities. The transaction supports Pretium’s strategy to institutionalize its portfolio of newly built rental homes and expand its leadership in the SFR market.

Pretium Partners is a leading provider of SFR homes across the U.S., specializing in high-quality BTR communities designed to meet the needs of families.

In 2024, Dechert topped the issuer-counsel table for single-family rental deals, with production doubling to US$7.8 billion from the prior year, according to Asset-Backed Alert.

The Dechert team that advised on this transaction was led by global finance partners Ken Hackman and Jon Gaynor and included associates Dan Latella, Mallory Morris and Jessica Warshaw.

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