The Two-Phase Flow Facility (T FFy) Project focused on bridging the critical knowledge gap by developing and demonstrating critical multiphase fluid products for advanced life support, thermal management and power conversion systems that are required to enable the Vision for Space Exploration. Safety and reliability of future systems will be enhanced by addressing critical microgravity fluid physics issues associated with flow boiling, condensation, phase separation, and system stability. The project included concept development, normal gravity testing, and reduced gravity aircraft flight campaigns, in preparation for the development of a space flight experiment implementation. Data will be utilized to develop predictive models that could be used for system design and operation. A single fluid, two-phase closed thermodynamic loop test bed was designed, assembled and tested. The major components in this test bed include: a boiler, a condenser, a phase separator and a circulating pump. The test loop was instrumented with flow meters, thermocouples, pressure transducers and both high speed and normal speed video cameras. A low boiling point surrogate fluid, FC-72, was selected based on scaling analyses using preliminary designs for operational systems. Preliminary results are presented which include flow regime transitions and some observations regarding system stability.