Construction underway at a Cottage Green build-to-rent community featuring low-rise homes, greenspace and a pool.
Tomball, Texas and Simpsonville, South Carolina, August 22, 2025
HMF Americana obtained a $113.5 million construction loan to develop two Cottage Green build-to-rent communities in Tomball, Texas, and Simpsonville, South Carolina. The financing is split into an $83.8 million senior note and a $29.7 million B-piece, with an 18-month initial term and two optional six-month extensions. Together the sites will deliver 575 low-rise single-family rental homes with one- to three-bedroom layouts and on-site amenities including greenspace, parking and a pool. The facility was originated by institutional lenders and arranged by a capital markets advisor, supporting the Cottage Green platform’s continued expansion.
$113.5 million in construction financing has been secured to fund two suburban build‑to‑rent communities that together will deliver 575 units. The financing is structured as an $83.8 million senior note alongside a $29.7 million B‑piece, and it carries an 18‑month term with two optional six‑month extensions.
The construction financing was originated by a New York–based real estate investment firm with approximately $18 billion of assets under management in partnership with a credit and asset management firm. A separate capital markets advisor arranged the transaction. A principal at the originating firm described the financing as consistent with the firm’s strategy to back experienced sponsors in markets with solid fundamentals and strong multifamily demand, and to support expansion of an established single‑family rental platform under development by a Texas‑based multifamily developer.
The loan will fund two developments in different Southeast and Gulf Coast‑adjacent markets branded under the same single‑family rental platform. The projects are:
Once completed, these two developments will become the fifth and sixth projects under the developer’s Cottage Green brand of single‑family rental housing. Combined unit count is expected to total 575 homes, with each community offering one‑ to three‑bedroom homes.
Each community is planned with typical build‑to‑rent features intended to appeal to renters seeking suburban, single‑family‑style living with lower maintenance obligations. Design and amenity elements for both developments include:
The financing term is set at 18 months with the borrower able to extend the facility through two separate six‑month extensions if needed. The two‑tier capital structure — a senior note combined with a subordinate B‑piece — is intended to allocate risk and return across capital partners during the construction phase.
The Tomball project adds to a growing pipeline of build‑to‑rent activity in suburban Houston markets. Separately, another build‑to‑rent development recently completed in Tomball features 148 rental homes with three‑ to four‑bedroom floorplans, multiple home configurations, stainless steel appliances, granite countertops, two‑car garages and fenced backyards. That project also includes community amenities such as a pool, playground, dog park and sports park, and was developed in partnership with a national residential developer.
In the Greenville‑area submarket, the Simpsonville development will expand rental housing options in a smaller, fast‑growing municipal center where proximity to a regional job hub supports multifamily demand. The developer and capital partners cited the appeal of thoughtfully designed build‑to‑rent housing as a solution for evolving renter needs in these markets.
The transaction highlights several broader trends in housing finance and suburban rental development: continued investor appetite for build‑to‑rent product, the use of layered construction capital structures to manage risk, and the pursuit of growth in suburban markets near major employment centers. The size and structure of the loan also reflect lender confidence in experienced sponsors and in product types that aim to capture renter demand for lower‑maintenance, single‑family style living.
Two Cottage Green branded build‑to‑rent communities in Tomball, Texas, and Simpsonville, South Carolina, totaling 575 units.
The total construction financing is $113.5 million, composed of an $83.8 million senior note and a $29.7 million B‑piece.
The financing was originated by a New York‑based real estate investment firm in partnership with a credit and asset management firm; a capital markets advisor arranged the transaction.
The loan has an 18‑month term with two optional six‑month extensions.
Both communities are planned to include one‑ to three‑bedroom homes, greenspace, on‑site parking and a pool.
| Feature | Details |
|---|---|
| Total loan | $113.5 million |
| Loan components | $83.8M senior note + $29.7M B‑piece |
| Term | 18 months with two six‑month extensions |
| Projects | The Cottage Green Tomball (Tomball, TX) and The Cottage Green Simpsonville (Simpsonville, SC) |
| Combined units | 575 units |
| Amenities | One‑ to three‑bedroom homes, greenspace, on‑site parking, pool |
| Developer | Texas‑based multifamily developer expanding its Cottage Green brand |
| Originators | New York‑based real estate investor (≈ $18B AUM) and credit/asset manager |
San Francisco Bay Area, August 22, 2025 News Summary Lumber has acquired BuilderFax and integrated its…
Greeley, Colorado, August 22, 2025 News Summary Hensel Phelps is broadening its digital-construction capabilities across projects…
Global, August 22, 2025 News Summary A broad study of the modular construction sector covering 700+…
Lee County, Florida, August 22, 2025 News Summary Skanska has been awarded a roughly $435 million…
West of Wolf Pack Park (university campus), August 21, 2025 News Summary Final financing closed and…
, August 21, 2025 News Summary Apex Money Lending Group has broadened its commercial real estate…