PGIM Provides $34.2M HUD Construction Loan for Apartment Development in Chapel Hill
CHAPEL HILL, N.C. — PGIM Real Estate Finance has provided a $34.2 million 221 (d)(4) construction-to-permanent loan for Link Apartments Linden, a new apartment development underway in Chapel Hill. The borrower, Grubb Properties, is developing the 215-unit, market-rate apartment community, which will share a parking deck with a to-be-developed, 106,000-square-foot, Class A office park.
Link Apartments Linden is Phase I of the Glen Lennox redevelopment, a public-private partnership between the Town of Chapel Hill and Grubb Properties that will include 3 million square feet of office, residential, retail and hotel space across 70 acres over the next 20 years. The site is about one mile from the University of North Carolina at Chapel Hill. Grubb Properties has Link-branded apartment communities in Richmond, Va.; Winston-Salem and Raleigh, N.C.; Greenville and Charleston, S.C., and more under development in Atlanta, Winston-Salem and Charlotte.