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Partnership Secures $21M Construction Loan for North Carolina Office Project
JLL has secured a $21.3-million construction loan for INQ 1101, the redevelopment of a former Sam’s Club into a creative office space in the Durham-area community of Morrisville.
Travis Anderson and Cory Fowler of JLL worked on behalf of a partnership between DRA Advisors LLC and Mainstreet Capital Partners, to secure the five-year, floating-rate loan through Amherst Capital Management LLC.
The property was originally built in 2009 as a Sam’s Club totaling 140,302 square feet. After a complete renovation and repositioning plan, INQ 1101 will feature modern construction and a synergistic atmosphere that will create a collaborative suburban office setting aimed at today’s creative workforce. The 15.34-acre site is located at 1101 Shiloh Glenn Dr., and offers convenient access to major transportation arteries such as Interstates 40 and 540, Chapel Hill Road/NC Highway 54 and NC Highway 147/Durham Freeway.
For comments, questions or concerns, please contact David Cohen
- ◦Financing
- ◦Development
