DALLAS, TX – HFF announced today that it has arranged a construction and mezzanine loan totaling $40.8 million for the development of Circle Ninth Street (top left rendering), a to-be-built, 303-unit, Class A multi-housing community in Durham, North Carolina.
HFF worked exclusively on behalf of the borrower, Crescent Resources, LLC, to secure a $32.7 million construction loan through US Bank. Pearlmark Real Estate Partners, LLC provided an $8.1 million mezzanine loan. The initial term of each of the loans is three years.
Inclusive of Circle Ninth Street, HFF has arranged financing for three construction projects on behalf of the borrower in 2011 for a total of $115.3 million.
Circle Ninth Street will be located on a 6.1-acre site at the northeast corner of Main and Ninth Streets within walking distance to Duke University and close to the Research Triangle.
Set to deliver the first units in fall of 2012, the property will include several four-story buildings with various architectural styles surrounding a structured parking garage.
The arrangement of the four-story buildings will provide several private outdoor amenity areas, including a central lawn, community park, pool and fitness courtyard, and a dog park.
The courtyards will be interconnected and the streetscape areas have been designed for urban, walkable connections. Resident amenities will include a lounge, wireless cafe, gaming room, demonstration kitchen, group study library, business center, screening room and fitness center.
The HFF team representing Crescent Resources, LLC was led by director Travis Anderson (middle right photo) and senior managing director Tim Jordan (middle left photo).
Crescent Resources, LLC is a real estate development company with interests throughout the southeastern United States. Based in Charlotte and established in 1969, Crescent Resources is known for its single-family, multifamily and resort residential communities. Crescent also owns and manages business and industrial parks and shopping centers.
Visit http://www.crescent-resources.com/ for more information.
Contacts:
TIM JORDAN TRAVIS ANDERSON
HFF Sr. Managing Director HFF Director
(214) 265-0880 (214) 265-0880
KRISTEN MURPHY
HFF Associate Director, Marketing
(713) 852-3500
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