Tomball, Texas and Simpsonville, South Carolina, August 22, 2025
News Summary
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 Secures $113.5M Construction Loan for Two 575‑Unit Build‑to‑Rent Projects
Key takeaway: A $113.5 million construction loan will fund two build‑to‑rent communities under the Cottage Green brand — a combined 575 units in Tomball, Texas, and Simpsonville, South Carolina. The financing is structured as an $83.8 million senior note alongside a $29.7 million B‑piece and carries an 18‑month term with two optional six‑month extensions.
Deal essentials
The construction financing for the pair of projects was originated by two institutional lenders and arranged by a third‑party capital advisor. One originating firm is a New York–based real estate investor with roughly $18 billion in assets under management. The financing structure includes a senior tranche and a subordinate B‑piece, typical for pooled construction loans, and was put in place to fund site development, vertical construction and amenity build‑out for both communities.
Who is behind the projects
HMF Americana, a Texas‑based multifamily developer, is the sponsor. These two developments will expand the Cottage Green single‑family rental platform; once finished they will be the brand’s fifth and sixth Cottage Green communities. The capital provider noted the transaction fits its strategy of backing experienced sponsors in markets that show steady multifamily demand and sound fundamentals, and signaled continued interest in thoughtfully designed build‑to‑rent product as a renter housing solution.
Project locations and design
- The Cottage Green Tomball — located in Tomball, roughly 34 miles north of downtown Houston. The community will offer one‑ to three‑bedroom multifamily homes with dedicated greenspace, on‑site parking and a pool.
- The Cottage Green Simpsonville — located in Simpsonville, a small city of about 23,000 residents and approximately 15 miles south of Greenville, South Carolina. This site will also feature one‑ to three‑bedroom homes, dedicated greenspace, on‑site parking and a pool.
Units and amenities
Combined, the two developments will deliver 575 units. Each community is planned as low‑rise, single‑family rental product configured with one‑ to three‑bedroom layouts and on‑site amenities intended to support outdoor activity and day‑to‑day convenience: greenspace, parking and a pool are included in the scope.
Loan terms and structure
The total construction financing equals $113.5 million, divided into an $83.8 million senior note and a $29.7 million B‑piece. The initial maturity is 18 months, and the facility includes two separate six‑month extension options, which can allow more time for construction completion or lease‑up if exercised under the loan’s provisions.
Arrangement and contacts
The transaction was arranged by a capital markets advisor specializing in real estate financing. A principal at one of the originating firms characterized the financing as aligned with a strategy of supporting proven sponsors in solid markets and noted the firm’s ongoing partnership with its lending co‑originator to back the developer’s Cottage Green expansion.
Context in the local market
These two Cottage Green projects join a broader wave of single‑family rental and build‑to‑rent development in suburban markets, where developers are delivering detached or low‑rise multifamily homes targeted at renters preferring private outdoor space and garage parking. A recent separate build‑to‑rent project in the same Tomball market delivered three‑ and four‑bedroom homes with a range of community amenities and monthly rents that illustrate market pricing for suburban rental housing in the region.
What is not disclosed
Public details did not include exact construction start or expected completion dates, projected rents for the new Cottage Green communities, or specific unit counts per community beyond the combined 575 units. Those items typically appear in later project updates or permitting records.
FAQ
What is the total size of the loan?
The total construction loan is $113.5 million, split into an $83.8 million senior note and a $29.7 million B‑piece.
Which projects are being financed?
The financing will fund The Cottage Green Tomball in Tomball, Texas, and The Cottage Green Simpsonville in Simpsonville, South Carolina, together delivering 575 units.
Who provided the financing?
The loan was originated by two institutional lenders and arranged by a capital advisor. One originating firm is a New York–based real estate investor with about $18 billion of assets under management.
What are the loan terms?
The initial term is 18 months and the facility includes two optional six‑month extensions.
What amenities will the communities include?
Each site is planned with one‑ to three‑bedroom multifamily homes, dedicated greenspace, on‑site parking and a pool.
Are these the first Cottage Green developments?
No. Once completed, these projects will be the Cottage Green platform’s fifth and sixth developments.
Key features at a glance
| Feature | Detail |
|---|---|
| Total loan | $113.5 million |
| Senior note | $83.8 million |
| B‑piece | $29.7 million |
| Term | 18 months with two six‑month extensions |
| Developer | HMF Americana (Texas‑based multifamily developer) |
| Projects | The Cottage Green Tomball (Tomball, TX) and The Cottage Green Simpsonville (Simpsonville, SC) |
| Combined units | 575 units |
| Unit types | One‑ to three‑bedroom multifamily homes |
| Amenities | Dedicated greenspace, on‑site parking, pool |
| Arranger | Sterling Realty Capital (capital markets arranger) |
| Originators | Siguler Guff & Company and Benefit Street Partners (loan originators) |
| Notable | These will be the Cottage Green brand’s fifth and sixth developments once completed. |
Deeper Dive: News & Info About This Topic
Additional Resources
- Commercial Observer: Siguler Guff & Benefit Street Partners $114M Construction Loan (Build-to-Rent)
- Wikipedia: Build-to-rent
- Multi-Housing News: Ascendant Development Starts Metro Houston SFR Project
- Google Search: single-family rental development Tomball
- REBusiness Online: Tricon Residential Completes 148-Unit Build-to-Rent in Tomball, TX
- Google News: Tricon Residential Tomball build-to-rent
- Community Impact: Prime Path Financial Relocates to Tomball Office
- Wikipedia: Tomball, Texas
- Business Wire: Centex Construction Appoints Jeff Wonsmos as Chief Financial Officer
- Encyclopedia Britannica: construction industry United States
Author: Construction FL News
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