Pine Grove Communities has landed a $36.4 million construction loan for Foxgrove on Castleberry, a 198-unit, single-family-rental community underway in Dawsonville.
The project will offer 37 detached homes and 161 townhomes with an average size of 1,898 square feet. Sitework has already begun on the project, and vertical construction is expected to begin in summer 2025.
Units will have three or four bedrooms, two-car garages and private entrances and patios. Community amenities will include a clubhouse, resort-style pool with grilling stations, firepit, pocket parks, a central activity lawn and walking trails.
Mike Ryan, Brian Linnihan, Richard Henry and Taylor Crowder with CBRE Capital Markets’ Debt & Structured Finance group helped secure the loan for Atlanta-based Pine Grove.
“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,” Ryan said in a press release. “Pine Grove Communities has an exceptional talent for identifying development opportunities in key markets that lack institutionally managed and operated single-family rental communities.”