Phillips Development & Realty Closes On Yet Another HUD Financed Multi-Family Project
Phillips Development & Realty (PDR) is excited to announce the ground breaking and start of construction of Phillips Mallard Creek Apartments, Building 5. On May 31, 2018, PDR closed a $3.6M loan for this energy demonstrator multi-family project. Financing for the loan was secured through Berkley Point Capital, LLC using US Housing and Urban Development’s 241(A) Program.
This 24-unit project will be an expansion of the existing 300-units located at 655 W. Mallard Creek Church Rd, Charlotte, NC. Building 5 is scheduled to be completed in the first quarter of 2019.
PDR is excited to have this energy demonstrator building added to the existing Phillips Mallard Creek (PMC) Class A community. The goal for this building is to construct 24 energy efficient luxury apartment homes that will go beyond an EPA energy star rating. During Energy Star’s Design Intent engineering assessments, the project scored 97 out of 100 possible points for efficiencies—a nearly perfect score. Our development team worked closely with mechanical, electrical, and plumbing engineers to carefully select systems, building features, and appliances. These systems will not only reduce energy costs but will also serve as a demonstration for an energy efficient development.
This unique building will feature energy efficient Fujitsu ductless HVAC, gas appliances to include tankless water heaters, LED lighting, icynene insulation, and more. PDR is expecting to see lower utility bills at this building, which will offset rental costs to our residents, thus improving their quality of life. The company is excited to compare efficiencies of the new building to the existing 300-unit energy star compliant PMC development.
The architect for this project is The Preston Partnership, based in Atlanta, GA. Electrical Engineering was accomplished by St. Petersburg-based Power Designs. Urban Design Partners is serving as the civil engineer for Building 5, and the general contractor is Capstone Building Corp. of Birmingham, Alabama.
Upon completion of Building 5 and Phillips Mallard Creek Phase II, there will be a total of 503 residential units available at this location.