[Source: Andrew Johnson, Arizona Republic] — The developer of downtown Phoenix’s CityScape project will draw on $200 million in funds for current and future projects under a new partnership with a Texas investment-management firm. Red Development LLC will use the money to help pay construction and development expenses, the company announced Friday.
The money comes from a fund managed by CDK Realty Advisors in Dallas. The firm typically buys stakes in real-estate projects to generate a return for institutional investors. The company has invested in prior Red projects. The partnership gives Red access to capital at a time when banks and private lenders are hesitant to finance large-scale construction projects. [Note: To read the full article, click here.]