It's official: as we hinted at here last week, Colin and Deanna Crossman did officially close on the sale of the Kings Daughters Inn late last week.
The Buchanan Ave. old age home -- which is under covenants requiring the preservation of its historic appearance and prohibit its use for undergraduate housing -- is on its way to becoming a bed and breakfast at the edge of Duke's East Campus.
The list price for the home was a cool $2.5 million. Factor in another $1 million plus for renovations to the aging but grand structure and you're looking at a substantial investment on the west end of Trinity Park.
KeySource Bank here in Durham handled the financing for the project, providing capital funding at a crucial time amidst a national credit crunch.
The Crossmans held a kick-off party for friends and project supporters this weekend, but that'll be the last time the KDI is open to the public until the renovations complete next spring. Expect the so-called "moon suits" to enter in the next few days to begin asbestos abatement and the like as the first phase of renovation.