Phillips Research Park Apartment Secures Financing
CBRE HMF Arranges US HUD 221 Loan
August 6, 2012
Developer Phillips Development & Realty has secured financing for its proposed 292- unit apartment building complex located in Durham, NC. The $26.7 million loan was funded through CBRE HMF, using a US HUD Section 221(d)4 new construction insurance program.
Phillips Development & Realty (PDR) is a developer of progressive projects throughout the Southeastern US within the multi-family industry.
The property, Research Park Apartments, is expected to be completed in the spring of 2013.