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Grubb Properties to Start $51M Multifamily in Chapel Hill’s Glen Lennox
Grubb Properties has secured $50.6 million in construction financing for the development of Link Apartments Calyx, a multifamily property in Chapel Hill, NC.
Nate Sittema, Kristen Reilley, Elliott Voreis and Ben Hardee of CBRE originated the 10-year, 60% loan-to-stabilized value construction loan through a life company on behalf of 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 fitness center, co-working space, cycle center, pool, rooftop resident lounge and a parking garage. Construction is expected to be completed in 2023.
Link Apartments Calyx is part of the second phase of the redevelopment of the Glen Lennox master development, an approximately 70-acre historic neighborhood purchased by Grubb Properties in 1985. The second phase will include 650 residential units, 90,000 square feet of retail space, a 150-room hotel and 275,000 square feet of office space.
- ◦Development
