JLL (Jones Lang LaSalle) Capital Markets says it that it has arranged a $21 million construction loan for the development of The Gwendolyn, a four-story office property totaling 106,000 sq. ft. in Chapel Hill.
JLL says in a statement it 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,” the news release said.
‘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,’ Grubb Properties CEO Clay Grub said in the statement.
‘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-sq. ft. 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.