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Pinecrest has broken ground on The Penny on College Main, a 199-unit, 605-bed student housing community in College Station, Texas. Leasing at the future property will start next fall, with move-ins scheduled for summer 2027.

Partners on the project include architecture firm Rhode Partners and Rhode Interior Design, along with general contractor Rycon Construction Inc. Mitchell & Morgan serves as civil engineer.

CIBC USA and First Bank of Chicago provided the construction financing. In January, the firm took out a $76.5 million loan that matures in 2029, according to Brazos County public records.