BTR Daily - July 24, 2025 - Progress Residential secures $519M ABS loan

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NEWS ROUNDUP

FINANCING: Progress Residential secures $519 million ABS loan for 1,798-home SFR portfolio. Pretium Partners’ SFR platform, Progress Residential, is set to receive a $519 million asset-backed securities (ABS) loan from Wells Fargo. The five-year, fixed-rate, interest-only note will be secured by a portfolio of 1,798 SFR homes spread across 12 U.S. states. The homes—averaging 1,776 square feet and 21 years old—are 96.1% occupied as of April 2025. The portfolio’s value is estimated at $588.7 million, with acquisitions made between 2019 and 2024, and nearly 89% purchased during the 2020–2022 housing boom. This is Pretium’s second major ABS loan in as many months. In June, the firm closed a $778.5 million loan from Goldman Sachs, backed by 2,020 SFR homes across 10 states. That transaction followed a failed deal attempt in April, highlighting the complexities in today’s financing environment.

DEVELOPMENT: Parkland Residential launches BTR community in Georgia. Parkland Residential has unveiled its latest BTR project, Park Ridge, a 140-unit stacked townhome community coming to Sugar Hill, Georgia. The project will be delivered in two phases, with the first 72 townhomes ready for move-in by Fall 2025. Jim Jacobi, President of Parkland Communities, emphasized the affordability advantage, noting that monthly rents at Park Ridge are up to $1,000 less than comparable ownership costs in the area. “Park Ridge exemplifies the next generation of maintenance-free rental living,” Jacobi said.

DEVELOPMENT: Material Capital Partners acquires site for South Carolina BTR. Material Capital Partners (MCP) has announced the land acquisition for Mill Landing, a 163-unit BTR community in Greer, South Carolina, marking the first investment from the firm’s Fund II. Alex Chalmers, MCP’s Founder and Managing Partner, highlighted Greer’s appeal: “Greer offers everything we look for in a market — strong population growth, economic momentum, access to major employers, and a high quality of life.” Mill Landing will feature a mix of three- and four-bedroom detached homes and townhomes across 25 acres. Homes will include private garages, patios, granite countertops, and stainless-steel appliances. Greystar has been appointed property manager for the community. The project is scheduled to break ground in Q3 2025, with completion expected by Q2 2027.

DEVELOPMENT: Center Park Group completes 12th Charleston-area BTR community. Center Park Group, in partnership with RangeWater Real Estate, has completed Bellerose at Bees Ferry, a 155-unit BTR community in Charleston, South Carolina—the company’s 12th BTR project in the Charleston market. Each of the three-bedroom townhomes spans approximately 1,415 square feet, featuring private garages, fenced backyards, and covered patios. Interior finishes include quartz countertops, stainless steel appliances, and luxury vinyl plank flooring, offering residents a blend of style and durability. Community amenities include a swimming pool, dog park, and walking trails. “Our goal has always been to build exceptional, environmentally responsible homes that support local growth,” said Jason Esposito, CEO of Center Park Group. “Bellerose is a great example of how our team brings lasting value to both residents and institutional investors.”

READ: June 2025: Single family starts fall amid rise in unsold housing inventory.

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240 Units | 2024 Construction | Avg. Rent: $1,780/Month | Private Fenced Yards

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