Bank OZK lends $21M for Chapel Hill development
JLL Capital Markets arranges the loan for The Gwendolyn office property in one of the first offices built in Chapel Hill since 2009
CHARLOTTE, August 17, 2020 – JLL Capital Markets announced today that it has arranged a $21 million construction loan for the development of The Gwendolyn, a four-story office property totaling 106,000 square feet in Chapel Hill, North Carolina.
JLL worked on behalf of the borrower, Grubb Properties, to secure the loan through Bank OZK.
The Gwendolyn is part of the first phase of the Glen Lennox redevelopment, a 70-acre planned community that was completed in the 1950s as the center of living, shopping and industry for Chapel Hill residents. Grubb Properties is revitalizing the community through modern design concepts, tasteful architecture and a network of connected greenspaces that will foster increased pedestrian and bicycle connectivity to the retail, office and residential options at Glen Lennox.
“Our motto at Grubb Properties is ‘People Who Care, Places That Matter’ and the evolution of Glen Lennox reflects a purposeful effort to honor the legacy of individuals who have contributed to the greater good of the community, the university, our state and the broader society,” Clay Grubb, CEO, Grubb Properties noted. “The Gwendolyn is named after Gwendolyn Harrison, the first African-American woman to attend the University of North Carolina in 1951. I admire her accomplishments and determination to never give up, paving the way for others to follow suit. We hope by paying homage to these strong women through our buildings we will spark curious conversations about who these individuals were and inspire the next generation of diverse trailblazers and change-seekers.”
Scheduled for completion later this year, The Gwendolyn is the first-ever Class A office project in Glen Lennox. The property will offer 25,000-square-foot floorplates in a LEED® certified building, on-site property management, a terrace café on the ground floor, a fitness center with showers and locker rooms, indoor bike racks and on-site parking for 432 vehicles. The Gwendolyn is within close proximity to some of the Triangle Area’s largest economic drivers, including Downtown Chapel Hill, Downtown Durham, Research Triangle Park and Raleigh-Durham International Airport. Additionally, the property benefits from a highly educated workforce due to the 12 local colleges and universities situated nearby and has immediate connectivity to the greater Triangle region via all the MSAs’ primary thoroughfares.
The JLL debt placement team leading the financing efforts included Senior Managing Director Hal Kempson and Director John Gavigan.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Grubb Properties
Grubb Properties, founded in 1963 by former Glen Lennox resident Robert Lay Grubb, creates exceptional real estate environments and provides premier customer service for its residents and tenants through the repositioning of office buildings and apartment communities through its nationally trademarked Link Apartments® brand. Grubb’s fully integrated management team identifies strategies that create long-term value for its clients. Grubb Properties’ growth is primarily funded through real estate investment funds with long-term horizons. People who care. Places that matter. For more information, visit grubbproperties.com.