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.
HMF Americana, a Texas‑based multifamily developer, has obtained $113.5 million in construction financing to build two suburban build‑to‑rent communities totaling 575 units. The funding will support The Cottage Green Tomball in Tomball, Texas, and The Cottage Green Simpsonville in Simpsonville, South Carolina.
The loan package is organized as an $83.8 million senior note together with a $29.7 million B‑piece, and it carries an 18‑month term with two six‑month extension options. The construction financing was originated by two institutional lenders: a New York–based real estate investment firm with approximately $18 billion of assets under management, and a separate investment partner focused on credit solutions. A construction finance arranger facilitated the transaction.
This financing underscores continued institutional interest in purpose‑built, single‑family–style rental housing developed to serve long‑term renter demand. Backers cited alignment with a strategy to support experienced sponsors in markets with solid fundamentals and steady multifamily demand. The loan supports expansion of the developer’s existing brand platform, which focuses on low‑rise, single‑family rental communities designed with common greens and on‑site amenities.
Combined, the two Cottage Green projects will deliver 575 one‑ to three‑bedroom homes configured to appeal to renters seeking more space than a typical apartment. Each community will include dedicated greenspace, on‑site parking, and a swimming pool, reflecting the build‑to‑rent model’s emphasis on outdoor amenity areas and private‑feeling units.
The Cottage Green Tomball site sits in Tomball, roughly 34 miles north of downtown Houston. The Cottage Green Simpsonville project will be located in Simpsonville, a smaller city of about 23,000 residents, located approximately 15 miles south of Greenville, South Carolina. Both locations sit within growing suburban corridors where single‑family rental products have gained traction among households seeking suburban amenities without homeownership commitments.
HMF Americana has developed multiple properties under the Cottage Green brand of single‑family rental housing. Once these two projects are completed, they will represent the brand’s fifth and sixth developments, expanding the platform’s footprint and product count in two different Sun Belt regions.
Institutional capital providers participating in the loan see value in supporting experienced sponsors delivering build‑to‑rent inventory in markets with stable demand drivers. The financing structure, which pairs a senior note with a B‑piece, reflects a layered risk allocation common in construction lending for speculative multifamily and single‑family rental projects.
Separately, a large institutional developer recently completed a 148‑unit build‑to‑rent community in Tomball featuring three‑ to four‑bedroom product types, multiple home configurations, stainless appliances, granite counters, two‑car garages, fenced backyards, and community amenities such as a pool, playground, dog park and sports park. That project highlights the broader regional momentum for single‑family rental schemes in this market.
Construction funding of this type typically supports predevelopment closeout, vertical construction and leasing preparations. The 18‑month base loan term with two extension options provides a runway for construction and initial lease‑up. Project timelines, permitting schedules and local market leasing conditions will determine actual delivery dates and stabilization pacing for both communities.
The new construction loan enables the expansion of a suburban single‑family rental platform across two markets, adding 575 homes designed with outdoor amenities and neighborhood features. The financing package and backing by institutional lenders reflect continuing appetite for build‑to‑rent product where local demand and suburban lifestyles intersect.
A: The loan funds The Cottage Green Tomball in Tomball, Texas, and The Cottage Green Simpsonville in Simpsonville, South Carolina, combining for 575 units.
A: The financing is structured as an $83.8 million senior note and a $29.7 million B‑piece, with an 18‑month term and two six‑month extension options.
A: Each development will offer one‑ to three‑bedroom multifamily homes, dedicated greenspace, on‑site parking and a pool, consistent with build‑to‑rent community features.
A: Tomball is about 34 miles north of downtown Houston. Simpsonville is a small city of roughly 23,000 residents, approximately 15 miles south of Greenville, South Carolina.
A: The transaction was arranged by a specialist in construction finance and originated by institutional investment partners, including a New York–based real estate firm with a sizable asset base.
| Feature | Detail |
|---|---|
| Total Financing | $113.5 million |
| Loan Structure | $83.8M senior note + $29.7M B-piece |
| Term | 18 months with two 6‑month extensions |
| Number of Units | 575 units combined |
| Unit Types | One‑ to three‑bedroom homes |
| Amenities | Greenspace, on‑site parking, pool |
| Locations | Tomball, TX (≈34 miles N of Houston); Simpsonville, SC (≈15 miles S of Greenville) |
| Developer | HMF Americana (Cottage Green platform) |
| Lenders / Originators | Institutional investment partners including a New York–based real estate firm and a credit partner; transaction arranged by a construction finance specialist |
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