The Promise Homes’ $200 Million Debt Facility from Barings

Kirkland & Ellis counseled The Promise Homes Co. on the deal.

The Promise Homes Co., a Black-led manager of institutional-quality, single-family residential rental homes in the United States executed its recapitalization in connection with a $200 million institutional debt facility from Barings, the global investment management firm. According to Black Enterprise, this transaction represents one of the 10 largest capital raises for a Black-owned company over the last decade.

Launched in May 2017, The Promise Homes Company is one of the largest minority-owned managers of institutional-quality, single-family residential rental property in the United States, with a focus on working class and middle-class communities. 

Barings is a $391+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets.

The Kirkland team included corporate partners Monica Shilling (Picture) and Michele Cumpston; real estate partners Al Stemp and Katie Roddy and associate Phil Kim; and tax partners Anne Kim and Bruce Gelman.

Involved fees earner: Michele Cumpston – Kirkland & Ellis; Bruce Gelman – Kirkland & Ellis; Phillip Kim – Kirkland & Ellis; Anne Kim – Kirkland & Ellis; Katie Roddy – Kirkland & Ellis; Monica Shilling – Kirkland & Ellis; Albert Stemp – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: The Promise Homes Company;