VineBrook Secures $485M Term Loan Facility

The deal includes strategic prepayment milestones and real estate-backed security provisions through 2027.

September 18, 2025

VineBrook Homes Trust Enters $485 Million Credit Agreement with JPMorgan and Affiliates

VineBrook Homes Trust just locked in a $485 million term loan facility, putting a new capital structure in motion. The facility was executed on September 11, 2025, with JPMorgan Chase as administrative agent and backing from a group of lenders, including The Ohio State Life Insurance Company. All proceeds were drawn immediately and put to work that same day.

The first move: $442.6 million went toward retiring an earlier credit line held with KeyBank and other lenders. That facility is now fully repaid, clearing the path for a streamlined debt structure with defined terms.

The new loan runs through September 2027 and is structured as interest-only. Borrowers can choose how the interest accrues—either based on Term SOFR plus 1.90% or from a range of short-term benchmarks. That flexibility gives VineBrook options in a shifting rate environment.

Repayment Milestones and Borrowing Terms

The agreement includes two critical checkpoints:

• By June 30, 2026, the outstanding balance must be no more than $450 million.


• By March 31, 2027, the balance must be reduced to $300 million.

Once repayments are made, reborrowing is off the table. This structure encourages a gradual reduction in outstanding debt while keeping VineBrook focused on meeting set targets.

Collateral and Prepayment Triggers

To secure the facility, VineBrook pledged both equity from its operating partnership and designated real estate assets known as Borrowing Base Properties. If any of these properties are sold, the company must repay 110% of the loan amount allocated to that asset. This condition strengthens the lender’s position while reinforcing discipline around asset sales.

Beyond those terms, the agreement includes standard provisions: representations, covenants, and event-of-default language typical for credit facilities of this scale. There’s also an affiliation angle—the Ohio State Life Insurance Company is considered related to NexPoint Real Estate Advisors, VineBrook’s external advisor, through shared beneficial ownership.

With this agreement in place, VineBrook has set a defined course: reduce debt in phases, hold flexibility around interest structure, and stay within the framework of its broader capital strategy. The company now moves forward with a more tailored, secured structure in place—backed by both financial and real estate assets.