Durham Condos Land $11M Construction Loan
The two-year mortgage will finance the development of 25 townhomes close to the city’s downtown.
Max Benjamin Partners has facilitated an $11 million construction loan for The Terraces at Morehead Hills, a planned, 25-unit townhome condo community in Durham, N.C. Public records show that Colorado Federal Savings Bank provided the two-year mortgage.
Max Benjamin’s Managing Director Max Mellman and Associate Jason Moyal brokered the financing on behalf of the owner, Florian Cos. The borrower acquired the 2-acre development site from California Commercial Investment Group in 2018 for $2.3 million, according to Durham County records. The project will be completed in three phases, with the first two comprising seven townhomes each.
The project site, located at 400 Cobb St., is less than a mile from State Route 147, the American Tobacco Campus and downtown Durham. The community will be close to the city’s major entertainment venues, such as the Durham Bulls Athletic Park and Durham Performing Arts Center. Approximately 1 mile north, a public-private partnership broke ground on an 82-unit affordable development in July.