Foley Lends Helping Hand to Maynada in Financing Deal

Maynada Blue was looking for a loan and found one with help from Foley & Lardner L.L.P. through Blackstone affiliate B2R Finance, a leading provider of residential buy-to-rent mortgages.

Maynada Blue, an affiliate of property company Maynada Holdings, was looking for a loan and found one with theDaniel Diaz Leyva, Foley & Lardner L.L.P.assistance of Foley & Lardner L.L.P. The law firm recently represented Maynada in the obtainment of financing totaling $45.5 million, in a transaction secured by a portfolio of more than 200 single-family rental residences in Florida.

It was cash-out financing that Maynada sought, and Foley found it through Blackstone affiliate B2R Finance, a leading provider of residential buy-to-rent mortgages.

“Maynada had previously secured a loan in the amount of $40 million on approximately 300 homes through a traditional commercial bank and sought to diversify its debt source and preserve a competitive rate structure in light of highly volatile market conditions,” Daniel Diaz Leyva, attorney in Foley’s Miami office, told CPE.

The deal was anything but simple.  “The transaction was marked by an exhaustive title review of the collateral which included 217 homes, several of which needed title conditions cleared within a narrow window to comply with the timeline to close,” Leyva noted. “Additionally, Foley advised Maynada not only on memorializing the loan but also on the organizational structuring of the portfolio to allow B2R to eventually securitize the loan.”

Foley’s history with Maynada extends back to the real holding company’s origins in 2010. Established by Carlos Guajardo, Maynada emerged as a leader in South Florida’s REO-to-rent industry, acquiring distressed single-family homes from banks through auctions and short sales. Today, Maynada’s portfolio of more than 600 homes is stabilized.