Atlanta-based build-to-rent company Parkland Residential refinanced the first phase of its Sweetwater Springs community in Lawrenceville with a long-term loan from Fannie Mae.
The refinancing was facilitated by Greystone. Trez Capital provided the original construction financing.
“Thanks to Fannie Mae, Sweetwater Springs is refinanced, securing our long-term financing,” Parkland Residential President Jim Jacobi said.
The move comes as Parkland prepares to begin construction of the 37-home phase two of the development, which is located at 1510 Duluth Highway. Phase two, which is located across the street from phase one, has been rezoned and approved and will include a community pool, cabana and additional park space.
Sweetwater Springs comprises rear-entry, stacked townhomes that Parkland says are designed to repurpose under-utilized commercial parcels “to supply homes for the missing middle.” The construction company, which was formed in 2020 by residential developer and investor Parkland Communities Inc., says it plans to construct more build-to-rent stacked townhomes in the near future.
Sweetwater Springs offers two- and three-bedroom units with 1,636 to 1,958 square feet, respectively. Rent ranges from $2,250 to $2,550 per month.