Brook Farm Group Lands $68M for Atlanta-Area Project
CBRE arranged the financing.
Brook Farm Group has landed a $68 million construction financing package comprised of debt and preferred equity backing a 388-unit community in Covington, Ga. The project, The Sinclair at Callaway Farm, is expected to break ground in several months.
First Horizon Bank provided the construction debt. Trustmark Bank was a participant in the loan. SilverCap Partners made a preferred equity investment in the project.
CBRE’s Shawn Rosenthal, Jason Gaccione and Jake Salkovitz arranged the financing for Brook Farm Group, which will build the community alongside Atlanta-based developer Emory Equity. Phillips Partnership is the project’s architect, while Fortune Johnson will be the general contractor.
The Sinclair at Callaway Farm’s units will be split between 11 residential buildings located in either the “Town” or “Country” portions of the development. The community’s amenities will include a 9,000-square-foot clubhouse, rooftop lounge, pool, two-story fitness center, coworking space, dog park, electric vehicle charging stations and walking trails. Residents will have easy access to the adjacent 180-acre Covington Town Center mixed-use development, which is under construction and will be anchored by a Publix supermarket.
Peter DiCorpo, COO for Brook Farm Group, said in prepared remarks that many large companies have announced expansions in the Covington area amongst the high demand for high-quality rental communities outside of Atlanta. Companies like Rivian Automotive, 80 Acres Farms, Archer Aviation and Ascend Elements have all announced expansions in the surrounding area.
Sticking to Sun Belt and Mountain states
Brook Farm Group was launched in September 2022 by DiCorpo and Eric Hade. The duo has several years of combined experience and there are several development-stage projects in the firm’s pipeline. The Atlanta-based firm focuses on residential properties in growing markets throughout the Sun Belt and Mountain states.
Horizon Bank recently provided project debt to another Atlanta-area multifamily development, a $28.1 million construction loan to a joint venture developing a 183-unit build-to-rent community in Cartersville, Ga.