Plans for the second phase of the swanky Bloomsbury Estates project are on hold at least until the 56-unit first phase is sold out.

The seven-story first phase, which overlooks downtown from Boylan Avenue at Hargett Street, still has 20 unsold units. Developer John Bruckel is hopeful he'll sell out by the time it opens in August.

Hopeful, sure. Realistic?

Bloomsbury has been marketed since February 2006.

On average, it has lured 1.4 commitments per month. At that rate, landing 20 presales in less than half a year -- without big price cuts -- would be a near-miracle as home sales slow in the region.

"Part of my logic is 'seeing is believing,' " Bruckel says, "We've got the best view of downtown Raleigh. When people actually see how this thing comes together, I think they'll be real enamored."

Presales are critical to developers, who need to convince lenders that their projects won't flop. As the housing market has slowed, lenders are requiring more presales. They also have asked developers to pay more equity into deals, while lending the rest at higher rates.

Bruckel paid 20 percent equity into the first phase, and lenders agreed to finance the rest of the phase once half its units were presold, he says. On the next phase, he thinks he can get 80 percent financing -- but only if three-quarters of the units are presold.

"I'm being a lot more cautious than I would have previously been," he says.

"Right now I'm focused on phase one, and I'm definitely going to do phase two," he continues. "I hope it's a matter of months. But if it has to be a matter of years, it will be."

Residential lending also is tightening, making it harder for many would-be homeowners to buy, increasing demand for rentals.

That is no doubt helping The Boylan Cos. move forward at Windsor Manor. Two years ago, the Raleigh development group bought 25 acres at Six Forks Road and Atlantic Avenue within view of the downtown skyline and a straight shot to North Hills.

The $40 million project is to include about 350 apartments and 25,000 square feet of shops. Construction is to begin within two months and wrap up a year later.

Boylan also is upping its bet on the apartment market by entering the third-party management business. It hired Jonathan Tucker from Atlanta-based Novare Group to lead the division.

Boylan doesn't have any contracts beyond its own projects, which include about 1,500 existing and proposed units. But it's going after complexes with 200 units or more, taking on competitors such as Drucker & Falk.