**Grubb Properties Secures $26M Bridge Loan for Chapel Hill’s Innovation Hub**
Grubb Properties has secured a $26 million bridge loan to refinance the Innovation Hub in Chapel Hill, a recently renovated 122,000-square-foot mixed-use property featuring both office and retail space.
The five-year loan, provided by Bayview Commercial Mortgage Finance, will be used to repay the existing construction loan on the property and support future capital improvement needs.
Hal Kempson of Avison Young’s Capital Markets group represented Grubb Properties in securing the financing.
Located at 136 E. Rosemary Street and 137 E. Franklin Street, directly across from the University of North Carolina at Chapel Hill, the Innovation Hub has recently undergone substantial renovations. Upgrades include a redesigned lobby at 136 E. Rosemary and enhancements to the property’s parking deck.
The Innovation Hub is home to several prominent tenants, including Innovate Carolina—the university’s innovation and entrepreneurship team—Launch Chapel Hill, a startup business accelerator, and BioLabs, a co-working facility offering wet lab space for life science startups.
Leasing for the property is being led by Hillman Duncan and Taylor McCuiston of JLL.
