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| Gwendolyn Harrison |
CHARLOTTE, NC – JLL Capital
Markets announced it has arranged a $21 million construction loan for the
development of The Gwendolyn, a four-story office property totaling
106,000 square feet in Chapel Hill, North Carolina.
JLL
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 green spaces that will foster
increased pedestrian and bicycle connectivity to the retail, office and
residential options at Glen Lennox.
“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,” Clay Grubb,
CEO, Grubb Properties noted.
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| Clay Grubb |
“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.
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| Hal Kempson |
The property will offer 25,000-square-foot
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.
The Gwendolyn is within close proximity to some
of the Triangle Area’s largest economic drivers, including Downtown Chapel
Hill, Downtown Durham, Research Triangle Park and Raleigh-Durham International
Airport.
Additionally, the property benefits from a
highly educated workforce due to the 12 local colleges and universities
situated nearby and has immediate connectivity to the greater Triangle region
via all the MSAs’ primary thoroughfares.
The JLL debt placement team leading the financing efforts included
Senior Managing Director Hal Kempson and Director John Gavigan.
JLL Capital Markets is a full-service global provider of capital solutions
for real estate investors and occupiers.
The firm's in-depth local market and
global investor knowledge delivers the best-in-class solutions for clients —
whether investment advisory, debt placement, equity placement or a
recapitalization.
The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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| John Gavigan |
The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
CONTACT:
Kristen Murphy,
JLL Senior Manager
Public
Relations
Phone: +1 617 848 1572
Email: Kristen.Murphy@am.jll.com
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