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Magnolia Glen Gets $20 Million Loan

RALEIGH, NC-KRC Avalon Woods, developer of the 152,000 sf, 76-bed Magnolia Glen retirement community, has been approved for a $20 million construction loan on its Creedmoor Road venture.

By Robert Anthony | Updated on August 15, 2000

KRC Avalon Woods, developer of the $152,000 sf, 78-bed Magnolia Glen retirement community, has obtained a $20 million construction loan for the Creedmoor Road project. Branch Bank & Trust is the lender. The Charlotte and Newport Beach, CA offices of L.J. Melody & Co. brokered the transaction.

Magnolia Glenn will comprise 20 cottage units configured as 10 duplexes; a 48-unit, 76-licensed bed assisted living facility; and a 140-unit apartment type residential care building.

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