CHAPEL HILL, N.C. — Avison Young has secured a $26 million bridge loan for the refinancing of University of North Carolina at Chapel Hill’s Innovation Hub, a 122,000-square-foot newly renovated mixed-use development located across the street from the university. Bayview Commercial Mortgage Finance provided the five-year loan to repay the existing construction loan and fund future capital needs. Hal Kempson of Avison Young represented the developer, Grubb Properties.
Situated at the corner of 136 E. Rosemary St. and 137 E. Franklin St., the Innovation Hub features office and retail space and is part of the Carolina Economic Development Strategy that aims to retain and attract innovation-driven businesses and talent. Recent renovations at the property have featured the installation of oversized windows, a fresh exterior to match the neighboring buildings and a new lobby at the 136 East Rosemary office building, as well as parking deck improvements. Tenants at the Innovation Hub include Innovate Carolina, Launch Chapel Hill and BioLabs. Hillman Duncan and Taylor McCuiston of JLL lead leasing efforts for the property on behalf of Grubb Properties.