BTR Daily - June 23, 2026 - Mandrake Capital achieves stabilization at Georgia BTR

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NEWS ROUNDUP

DEVELOPMENT: Mandrake Capital achieves stabilization at Georgia BTR. Mandrake Capital has achieved stabilization at Creekside Savannah, a BTR community in Georgia. This is Mandrake’s 4th successful BTR project in this market. Mandrake Capital’s Ed Oprindick and Katelynn Norris were highlighted by the company.

FINANCING: Forman Capital provides $49.4 million construction loan for Nashville BTR. Forman Capital has closed a $49.43 million construction loan for Moda Vista, a 102-home BTR community planned in Nashville’s Bordeaux neighborhood. Moda Homes is the developer and borrower for the project. Site clearing has begun, with vertical construction expected to start in summer 2027. The financing marks the first transaction between Forman Capital and Moda Homes. The Forman Capital team on the deal included Scott Mehlman, Ty Regnier, Cameron Fleury, and Ben Jacobson. Brett Forman, Managing Partner of Forman Capital, added that the firm remains bullish on the build-to-rent sector, particularly in high-growth Sun Belt markets such as Nashville, citing the project's location, market fundamentals, and sponsorship as key drivers behind the investment.

DEVELOPMENT: Tower Homes advances 497-home MPC. Tower Homes will serve as the homebuilder for Redding Ridge, a nearly 200-acre master-planned community adjacent to Red Mountain Park in the Birmingham area that could deliver up to 497 homes. The development will include both for-sale and build-to-rent housing, with Fairin Realty managing the rental component known as The Cottages at Redding Ridge.

DEVELOPMENT: Parkland Residential receives approval for 90-home BTR. Parkland Residential has received rezoning approval from the City of Lawrenceville, Georgia, for Springlake Park, a new 90-home BTR community planned at the intersection of Springlake Road and Paper Mill Road. The property was rezoned to RM-12 to allow for stacked townhomes, with land development now underway and first homes expected to be delivered in spring 2028.

READ: SFR growth steadies as Midwest and Sun Belt softens.

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