300-Unit Phillips Development Gets HUD Financing
- Aug 04, 2011
Charlotte, N.C.—The Department of Housing and Urban Development has approved financing for Phillips Development and Realty’s Mallard Creek, a 300-unit Class A apartment community located in Charlotte, N.C., at the gates of the University of North Carolina. The HUD 211(d)(4) commitment allows Phillips to move forward with construction funded through a 40-year fixed non-recourse loan.
“PDR has reached a milestone, strengthening our company’s vision and achieving our repositioning plan with the start of our second ground-up multifamily development in Charlotte,” says Kevin Johnston, chief operating officer at PDR. “Working with CBRE and HUD has provided us the financial foundation needed during this great recession to develop another successful community that will add quality living experience for the future residents of Charlotte.”
Phillips currently has 936 apartment units in multiple phases of the HUD process, as well as 196 units under construction. Mallard Creek is being touted as a prime location for University of Carolina staff and faculty. Community amenities include a social room, coffee café with WIFI, a swimming pool, grilling area, fire pits and a fitness center.
Cassidy Turley BRE Commercial sells a 120-unit Arizona asset for $7.5M
Gilbert, Ariz.—Cassidy Turley BRE Commercial has completed the transaction of the Orion at Heritage Square Apartments. The 120-unit community located in Gilbert, Ariz., was purchased by Clear Sky Capital Heritage Square LP for $7.5 million. An affiliate of Orion Residential Advisors LLC was the seller.
The property is located south of US-60 off of Gilbert Road, about 15 minutes southeast of downtown Phoenix. The unit mix consists of one- and two-bedroom apartments. Community amenities include two pools, a spa and a fitness center.
Clear Sky Capital Inc. is originally from Canada, but the company owner is now based in Phoenix. The group currently owns three communities in metro Phoenix.
Cambridge provides $5.2M FHA-insured refinance loan
Effingham, Ill.–Cambridge Realty Capital Companies has provided a $5.2 million HUD Lean loan to refinance the Lakeland Rehabilitation and Healthcare Center, a 133-bed skilled nursing facility in Effingham, Ill.
Cambridge Chairman Jeffrey A. Davis said the fully amortized, 30-year term first-mortgage loan was arranged for the property’s owner, an Illinois limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program.
Underwriting the loan was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans. The interest rate was not disclosed.
Cambridge is the creator of The Signature Experience, a four-step process designed to transform the traditional lender/borrower relationship and identify “ideal” capital solutions for worthy projects. The company has a national origination office in Los Angeles, and numerous correspondent and brokerage relationships nationwide.