Grubb Properties has landed $50.6 million in construction financing for the development of the 304-unit Link Apartments Calyx in Chapel Hill, N.C. CBRE Capital Markets arranged the 10-year, 60 percent loan-to-stabilized value loan through a life company.
The community will be part of the second phase of the Glen Lennox redevelopment, a master project that spans across 70 acres. Grubb Properties acquired the historic site in 1985.
Located at the Glen Lennox Drive and Maxwell Road intersection, the property will be right next to Fordham Boulevard and close to Raleigh Road, along which several dining options and retails spaces can be found. Green areas such as Mason Farm Biological Reserve, North Carolina Botanical Garden and Battle Park, will be within 3 miles of the upcoming community.
Link Apartments Calyx is expected to be completed in 2023. Plans call for the construction of studios, as well as one- and two-bedroom units. Common-area amenities are set to include a swimming pool, fitness center, parking garage and rooftop lounge. At full build-out, the second phase of the redevelopment is slated to encompass 650 residential units, a 150-key hotel, as well as a total of 365,000 square feet of retail and office spaces.
Earlier this year, another CBRE Capital Markets team originated a $135 million loan to refinance The Capstone at Port Imperial in West New York, N.J.