Material Capital Partners secures funding for 170-unit housing project in Georgia

In Charleston, South Carolina, on December 11, 2024, Material Capital Partners announced the successful closing of project financing for an ambitious residential development known as River Ford, located in Brunswick, Georgia. The planned community will consist of 170 detached single-family homes situated on 28 acres along Canal Road, just a short drive from downtown Brunswick and the scenic St. Simons Island. The construction is set to begin soon, with site work already having commenced earlier this year and vertical development anticipated to start in February 2025. Brunswick has been experiencing a significant surge in housing demand, attributed to the fast-paced growth of the local economy and the city's unique offerings. The new River Ford community is intended to meet the escalating demand for quality rental homes in what has been recognized as a thriving coastal area. Not only is River Ford poised to provide much-needed housing, but it will also enhance the lifestyle of its residents with a range of amenities, including a clubhouse equipped with a fitness center, a co-working space, and a resort-style pool. In addition to recreational facilities, the community will feature expansive green spaces, numerous pocket parks, and an extensive trail system, which collectively promote outdoor activities and community engagement. One of Brunswick's appealing factors is its close proximity to the beaches of the Golden Isles, celebrated as some of the best U.S. islands by Travel + Leisure. The community will cater to those who appreciate both the convenience of urban life and the joys of coastal living. Brunswick's historical significance, culinary richness, and hospitable local culture add to the desirability of the area, making projects like River Ford an attractive option for potential residents. Brunswick is also home to the Port of Brunswick, which is vital to the region's economy. The port ranks as the second-busiest in the United States for the handling of automobiles and heavy machinery. With plans for a $500 million capacity expansion underway, the port is set to triple its vehicle handling capacity by 2026. This expansion aims to bolster the region's electric vehicle manufacturing ecosystem, positioning Brunswick favorably to surpass Baltimore as the leading automobile port in the U.S. The convergence of economic growth, strategic development initiatives, and rising housing demand underscores the significance of the River Ford project in enhancing Brunswick's residential landscape. It will be managed by Greystar, with pre-leasing efforts anticipated to launch in the spring of 2025, further solidifying its role in the housing market.