Material Capital Gets Financing for Georgia BTR Project
A construction loan from Builders Capital is part of the package.
Material Capital Partners has closed on the financing of River Ford, a 170-unit, build-to-rent development in Brunswick, Ga.
Builders Capital issued a $38 million construction loan with a maturity date set in November 2026 and two extension options, according to Glynn County public records. Bluerock and Stanton Road Capital provided additional funds.
Construction on the project will kick off in February 2025. Winchester Commercial Group will serve as general contractor.
The community will take shape on 28 acres at 820 Canal Road, roughly 70 miles south of downtown Savannah, Ga. The Port of Brunswick, one of the country’s busiest port for automobiles and heavy machinery, operates roughly 18 miles away.
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Upon completion, River Ford will encompass detached single-family homes. The two- and three-bedroom units will feature quartz countertops, smart-home technology, as well as fenced backyards and patios.
Community amenities are slated to comprise a swimming pool, lakes with fishing docks, as well as a clubhouse including a gym and coworking spaces.
SFR flourishes in the Southeast
Against the backdrop of a population growth that spurred on demand for rental housing, the Southeast had a “pivotal year” in the SFR sector, Shoreham Capital Managing Partner Doug Faron told Multi-Housing News.
Material Capital Partners focuses on build-to-rent development across this region. This summer, the company obtained $30 million in financing for another project and subsequently began construction work.
Dubbed Indigo Cove, the 82-unit community is underway in Bluffton, S.C. Bluerock and Stanton Road Capital provided funds for this project as well. In addition, Builders Capital issued a $22 million construction note set to mature in 2026, according to Yardi Matrix data.
