Crescent Resources Picks Up Residential Site For $47M

Law360, New York (December 5, 2011, 3:15 PM EST) -- North Carolina real estate development company Crescent Resources LLC has acquired a six-acre residential site in Durham, N.C., for $47 million, Crescent announced Monday.

The company said it would immediately begin construction of a residential complex, Circle Ninth Street. The first apartments are expected to be completed by the fall of 2012.

The project is being financed by an equity investment from Crescent and financing by U.S. Bank NA and Chicago-based commercial real estate investment firm Pearlmark Real Estate Partners LLC, Crescent said.

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