CBRE Arranges $50.558 Million Construction Loan for 304-Unit Multifamily Community Redevelopment in Chapel Hill, N.C.

CBRE has arranged $50.558 million in construction financing for the development of Link Apartments Calyx™, a multifamily property in Chapel Hill, N.C. Link Apartments Calyx™ is part of the second phase of the redevelopment of the Glen Lennox master development, an approximately 70-acre historic neighborhood that was purchased by Grubb Properties in 1985.

CBRE’s Nate Sittema, Kristen Reilley, Elliott Voreis and Ben Hardee of CBRE Capital Markets’ Debt and Structured Finance team in the Carolinas originated the 10-year, 60% loan-to-stabilized value construction loan through a Life Company on behalf of the borrower, Grubb Properties.

The 304-unit multifamily community is located at the intersection of Lanark and Maxwell roads and will offer studio, one- and two-bedroom apartments. Amenities will include a fitness center, a co-working space, a cycle center, a pool, a rooftop resident lounge and a parking garage. Construction is expected to be completed in 2023.

“We are very grateful to have completed the construction financing for this next phase of the transformative Glen Lennox redevelopment with Grubb Properties in Chapel Hill,” said Sittema. “Link Apartments Calyx™ is going to be an incredible addition to the re-imagined mix of uses envisioned for this nearly 70-acre project in the heart of Chapel Hill. To repeat the project slogan for the work being done, ‘Established 1950, Re-Established 2020!’ Learn more at https://glenlennoxvision.com/.”

Once finished, the second phase of redevelopment is scheduled to include 650 residential units, 90,000 square feet of retail space, a 150-room hotel and 275,000 square feet of office space.