CBRE Secures $36.4 Million Construction Loan for 198-Unit Single-Family Rental Community in Metro Atlanta
February 5, 2024
CBRE has secured a $36.4 million construction loan for Foxgrove on Castleberry, a planned 198-unit single-family-rental community in Dawsonville, Georgia, north of Atlanta. The loan was obtained on behalf of Pine Grove Communities, an Atlanta-based real estate investor, developer, and operator of purpose-built rental communities and institutional investors advised by J.P. Morgan Global Alternatives.
Mike Ryan, Brian Linnihan, Richard Henry, and Taylor Crowder with CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented the borrower, Pine Grove Communities. The loan was secured through a national bank.
“Foxgrove on Castleberry is a prime example of the fast-growing single family built-to-rent market that is capitalizing on homeowner affordability, flexibility, and strong demographic trends,” said Mr. Ryan, Vice Chairman with CBRE. “Pine Grove Communities has an exceptional talent for identifying development opportunities in key markets that lack institutionally managed and operated single family rental communities.”
Foxgrove on Castleberry is situated just a quarter mile west of Georgia Highway 400 in Dawsonville, one of the fastest-growing suburbs of Atlanta and a beneficiary of the metro's strong employment and net migration. Dawsonville is located in Dawson County, the 4th fastest-growing county in the U.S. from 2021 to 2022 (5.8% year-over-year increase). Castleberry will include 37 detached homes and 161 townhomes with an average size of 1,898 square feet. Units will range from three to four bedrooms, and all will include two-car garages.
Additionally, each unit will feature private entrances, private patios, spacious floorplans, and immediate access to outdoor greenspaces, providing residents with the comforts of living in a home with the benefits of an amenitized rental community. The development will include amenities such as a clubhouse, resort-style pool with grilling stations, firepit, pocket parks, a central activity lawn, and walking trails. Sitework has already begun on the project and vertical construction is expected to begin next summer.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.