Real estate firm Avanta Residential recently announced that it has reached financial close for homes at Painted Tree projected in McKinney.

According to a press release, the firm closed a deal with J.P. Morgan for construction financing for their Painted Tree build-for-rent project, the firm's second project in Texas under the Avanta brand name.

"We are thrilled to partner with J.P. Morgan, the largest bank in the United States, to finance this project," said Peter Spier, Avanta managing director, in the release. "It is truly an honor for Avanta to become J.P. Morgan's first build-for-rent client and a credit to the Avanta team."

This will be J.P. Morgan’s first time financing a project in the single-family build-for-rent sector.

"J.P. Morgan is proud to support Avanta with the development of this single-family rental community," said Brent Houston, J.P. Morgan Real Estate Banking executive director in the release. "We're delighted to work with industry leaders in their effort to fill an unmet need for housing while offering amenities with the potential to enhance the wellness of the residents."

The project will consist of 276 homes and townhomes and amenities including a leasing center, clubhouse, fitness center and swimming pool.