BTR Daily - June 30, 2026 - Red Cedar breaks ground on 127-unit BTR

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NEWS ROUNDUP

DEVELOPMENT: Red Cedar breaks ground on 127-unit BTR in North Carolina. Red Cedar Construction Services has commenced construction on Holly Grove, a 127-unit townhome community in Concord, North Carolina. Serving as the project’s general contractor, Red Cedar is developing two-story townhomes with two floorplans ranging from approximately 1,500 to 1,800 square feet. Steve Stawick of Red Cedar Construction Services said Holly Grove represents an opportunity to deliver well-designed, attainable housing in a highly desirable location while supporting the continued growth of Concord and Cabarrus County. The first homes are expected to be delivered by the end of this summer.

FINANCING: Dwight Mortgage provides $26 million bridge loan. ARK Homes for Rent has secured a $26 million bridge loan from Dwight Mortgage Trust to support the lease-up of Somerset Cove, a newly developed BTR community in Spring Hill, Florida. The financing will be used to establish an interest reserve during the property's stabilization period. Katie Goldenberg of Dwight Mortgage Trust was involved on the lending side of the transaction, while John Isakson, CEO of ARK Homes for Rent, and Jordan Kavana, Founder of ARK Homes for Rent, continue to lead the company’s expansion strategy across the Sun Belt.

DEVELOPMENT: BBL Building Company construction on 200-unit BTR. BBL Building Company continues to make progress on LEO at San Marco, a 200-unit apartment community under development in Venice, Florida. Current construction activities include ongoing grading and fill operations, along with the installation of the project's lift stations. Work is also advancing on the site's sanitary sewer and storm drainage infrastructure, preparing the development for the next phase of construction.

DEVELOPMENT: JCCG advances final phase of Alabama BTR. Jim Chapman Construction Group (JCCG) has reached several construction milestones at VLux Madison, a 179-townhome BTR community in Madison, Alabama. Since being selected as the project's general contractor in August 2025, JCCG has completed Phase 1 remediation, delivered all homes in Phase 2, and begun vertical construction on Phase 3, the final stage of development. Chris Mancuso, President of JCCG, said the start of Phase 3 construction marks an important milestone as the team focuses on completing the community.

READ: 2026 single-family rental index.

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