Development financing for a new neighborhood
ROBERT STEUTEVILLE MAR. 1, 2000
Development financing for a new neighborhood near Duke University in Durham, North Carolina has been secured by TND Capital Management LLC, a part of the TND Fund, an equity investment group for new urbanist developments. Trinity Heights is a 6.8-acre infill neighborhood consisting of 21 single homes and 15 townhouses. Developers Bob Chapman and Milton Grenfell sold all the homes in advance, the first house has been completed and two more have broken ground. The size of homes ranges from 1,600 to 2,100 square feet and the houses sold for around $105 a square foot. The builder is McNeil Burbank, a subsidiary of the St. Joe Corporation.
