Spartan Construction Playe Key Role in 26.7M Phillips Research Park July 2nd 2012
Phillips Development & Realty Strikes Again in NC with $26.7M Loan for Research Park Apartment Development
Phillips Development & Realty (PDR) secured financing for its newest project, the 292-unit Phillips Research Park Apartments in Durham, NC. Construction started June 19, 2012 with first unit deliveries planned for spring 2013. The project will be completed by September 2013.
The 40 year 3.17% fixed rate loan for the class A market rate project was funded through CBRE HMF, Inc. using the US Department of Housing and Urban Development’s Section 221(d)(4) new construction financing program. Phillips Research Park is located just outside RTP across from the northern entrance of GlaxoSmithKline’s world headquarters. Fundamentals for this multi-family site are sound with 1200+ feet of frontage on NC-147/Durham Freeway, and 50,000 high-tech employees within a five minute drive. The one, two, and three bedroom apartments of Phillips Research Park will feature stainless steel appliances, granite countertops in kitchens and bathrooms, and 42” cabinetry. The community amenities will include a high-end clubhouse with a 24/7 fitness center, business center, media room and a resort-style pool.
The General Contractor is LandSouth Construction of Jacksonville, FL, who will work closely with Spartan Construction LLC of Tampa, FL, a closely held affiliate of PDR. Spartan will perform 30% of the overall project scope including kitchens, cabinets, granite, appliance supply and installation, flooring, paint, landscaping, hardscapes, pools and decks, as well as interior design. “We are excited to be a part of a proven team that will deliver this great residential community”, says James Pyle, President and CEO of LandSouth Construction. “With our integrated approach to project management, our Project Team will jointly succeed in achieving the targeted objectives of delivery for the Phillips Research Park luxury apartments”, states Phil Baker, Vice president of Spartan Construction. The project will create an estimated 300 jobs during construction and six full-time property management jobs once completed. Additionally, the property will also provide an estimated $345,000 in yearly tax revenues for Durham County and the City of Durham.
PDR also currently has the 300-unit, $28.4M Phillips Mallard Creek Apartments under construction in Charlotte, NC. Initial occupancy in Charlotte is expected August 1, 2012 with pre-leasing activities already in place. In December 2011, PDR completed the 196-unit Phillips Swift Creek Apartments in Cary, NC. Swift Creek experienced a tremendous lease-up and is currently 94% occupied.
About Phillips Development & Realty
PDR is a leader and innovator in the multifamily industry, building progressive projects throughout the Southeastern United States. PDR builds projects with the interest of communities, the environment, and investors in mind. The company ranked #11 in the US in 2009 as one of the nation’s top builders by Multifamily Housing Executive.
About Spartan Construction
Spartan Construction, LLC is a full-service General Contractor, also supplying logistics and trade supplies based in Tampa, FL. Spartan’s experience encompasses a wide range of real estate projects. Spartan’s current focus is on new construction, design-build, and renovations for multifamily and hospitality clients. Spartan prides itself on excellence in the finished ‘touchable’ products on projects. Spartan specializes in Class A unit cabinetry and granite, flooring, lighting, paint, appliance supply and installation, landscape, hardscapes, and pools.