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.
A construction loan totaling $113.5 million has been put in place to finance two new build‑to‑rent projects developed by a Texas‑based multifamily firm. The financing backs 575 total units across The Cottage Green Tomball in Texas and The Cottage Green Simpsonville in South Carolina, covering both construction costs and project delivery.
The financing package is split into an $83.8 million senior note and a $29.7 million B‑piece. The full loan carries an initial 18‑month term with two optional six‑month extensions available, allowing flexibility in construction timing and lease‑up. A national arranger handled the transaction placement.
The debt was originated by a New York‑based real estate investment firm in partnership with a national credit manager. The investor firm manages approximately $18 billion in assets. The projects are being developed under the Cottage Green brand by a Texas multifamily developer that has completed multiple single‑family rental communities under that name. Once complete, these two properties will be the brand’s fifth and sixth developments.
Combined, the two Cottage Green sites will deliver 575 units of one‑ to three‑bedroom multifamily homes. Each community will include dedicated greenspace, on‑site parking and a pool. The developments follow a single‑family rental design approach within a multifamily delivery model, intended to serve renters seeking larger footprints and community amenities.
The Cottage Green Tomball sits in Tomball, Texas, a suburban city located about 34 miles north of downtown Houston. The Cottage Green Simpsonville is sited in Simpsonville, South Carolina, a small city of roughly 23,000 residents located about 15 miles south of Greenville, S.C. Both markets are suburban or near‑suburban areas with growing renter demand and expanding housing options.
The two‑part loan structure — a senior note plus a B‑piece — is a common way to allocate risk and return between lenders and credit partners. The initial 18‑month term with extension options provides a window for construction and lease‑up while offering lenders a timetable for review and return. The investors involved pursue opportunities in markets with steady multifamily demand and experienced development sponsors.
The Tomball area has seen recent build‑to‑rent activity, including completion of other single‑family rental projects with three‑ and four‑bedroom homes and community amenities such as pools, playgrounds and dog parks. Those nearby projects reflect growing interest in suburban rental housing that blends single‑family design with professionally managed community services.
The loan’s timeline supports construction and initial leasing phases. Precise construction schedules, expected delivery dates and lease‑up projections will be set by the developer and are subject to permitting, supply chain timing and local market absorption. The extension options in the loan give developers extra time if needed to finish construction or stabilize occupancy.
This financing package highlights continued investor appetite for build‑to‑rent models that offer suburban scale, dedicated outdoor space and in‑community amenities. The transaction structure and short‑to‑medium term timeline reflect a cautious, businesslike approach to funding new rental product where demand fundamentals are viewed as supportive.
The loan funds The Cottage Green Tomball in Tomball, Texas, and The Cottage Green Simpsonville in Simpsonville, South Carolina.
Combined, the two developments will include 575 units.
Each development will offer one‑ to three‑bedroom multifamily homes designed with single‑family rental layouts, plus dedicated greenspace, on‑site parking and a pool.
The loan was originated by a real estate investment firm in partnership with a credit manager; the investment firm manages roughly $18 billion in assets. A transaction arranger placed the financing.
The loan is split into an $83.8 million senior note and a $29.7 million B‑piece. It has an 18‑month initial term and includes two six‑month extension options.
Extensions provide extra time for construction completion or lease‑up if schedules shift due to permitting or supply chain delays.
These sites will be the developer’s fifth and sixth properties under the Cottage Green brand, expanding its footprint in single‑family rental style communities.
| Feature | Detail |
|---|---|
| Loan amount | $113.5 million |
| Loan split | $83.8M senior note; $29.7M B-piece |
| Term | 18 months plus two 6‑month extensions |
| Developer | Texas-based multifamily developer (Cottage Green brand) |
| Projects | The Cottage Green Tomball (TX) and The Cottage Green Simpsonville (SC) |
| Total units | 575 units combined |
| Unit types | One- to three-bedroom multifamily homes |
| Amenities | Dedicated greenspace, on-site parking, pool |
| Locations | Tomball, TX (≈34 miles north of downtown Houston); Simpsonville, SC (≈15 miles south of Greenville) |
| Investor scale | Originating investment firm manages about $18 billion in assets |
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