BTR Daily - July 9, 2025 - Concord Summit arranges $25.25M loan for Texas BTR

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NEWS ROUNDUP

FINANCING: Concord Summit arranges $25.25 million loan for BTR community in Texas. Concord Summit Capital has secured $25.25 million in senior construction financing for Colonial Village, a new BTR community in Katy, Texas, just outside Houston. The loan covers 88% loan-to-cost, allowing the sponsor, Luminous Homes, to retain full ownership without bringing in co-GP or LP capital. In addition to arranging the financing, Concord Summit also facilitated a partnership with an experienced BTR operator to help streamline development and lease-up. Led by Managing Director Daniel Eidson and Senior Analyst Ben Applebaum, the Concord team structured the deal on behalf of Ann Tran, founding partner of Luminous Homes.

DEVELOPMENT: Harvard Investments breaks ground on 222-unit BTR community in Arizona. Harvard Investments has begun construction on FirstStreet Skyline, a 222-unit BTR community in Buckeye, Arizona, near the Verrado master-planned area. The project will offer one- to three-bedroom detached homes with no shared walls, along with resort-style amenities including a pool, sauna, cold plunge, and indoor-outdoor fitness center. BB Living is serving as general contractor, and pre-leasing is expected to begin by late 2025. This is Harvard’s second BTR project in the West Valley, following FirstStreet Ballpark Village in Goodyear.

DEVELOPMENT: Integrity Community Builders breaks ground on Washington BTR. Integrity Community Builders and ROTSCHY have broken ground on Harmony Heights, a 300-lot master-planned community in Vancouver, Washington. ROTSCHY will retain 127 of the lots for its BTR platform, with ICB leading vertical construction of high-quality three-bedroom townhomes ranging from 1,600 to 1,800 square feet. This marks ICB’s 25th BTR project and adds to the region’s growing supply of thoughtfully designed rental communities.

PEOPLE MOVES: Way Capital taps new talent. Way Capital has appointed Kyle McDonough as Executive Director, where he’ll focus on financing BTR projects and a range of CRE assets across the Sun Belt, Midwest, and Rocky Mountain regions. McDonough previously co-founded Tower Capital, where he arranged nearly $4 billion in financing and helped position the firm as a national leader in BTR capitalizations—closing over $3 billion for 50+ communities totaling more than 9,000 units.

READ: Demand for BTR townhomes grows.

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BTR FOR SALE

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

96 Units | 83% Occupancy | Built in 2024 | Detached Single-Family Homes and THs | 1- and 2-Car Garages

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