Financial firm TIAA-CREF is financing UNC building at N.C. Research Campus

CHARLOTTE, N.C. — TIAA-CREF , a financial services organization, will finance the four-story building that is to house the UNC Chapel Hill School of Public Health Nutrition Research Institute on the North Carolina Research Campus.

The four-story, 126,000 square foot structure also will be the site for operations from several other North Carolina universities. It is expected to open within the next few weeks.

TIAA-CREF formally announced its commitment on Friday. The Charlotte Business Journal reported last month that an agreement for the financing was in place.

The Research Campus , which will emphasize work in biotechnology and related science, is the brainchild of billionaire David Murdock, who owns Dole Food and Castle & Cooke Holdings, the developer of the project. It is being built on the site of a former textile mill once owned by Murdock. Murdock is expected to invest more than $1 billion in the project.

The state of North Carolina is funneling some $30 million a year into the project to support efforts by the state’s university and community college systems. Duke University also plans to have a building on the campus. A structure for N.C. State is also being built.

UNC already has plans to hire 18 staff to work at the institute and to hold positions on the UNC faculty.

Several buildings are already under construction at the complex, including the main laboratory headquarters which is nearing completion.

Financial terms of TIAA-CREF’s investment were not disclosed, but the Charlotte Business Journal reported recently that the amount was between $30 million and $40 million. The newspaper reported that TIAA-CREF is also considering financing other buildings.

The Charlotte-based firm, which provides retirement services to academic clients such as UNC, said it will provide a construction loan. It will be converted to a 20-year loan when the building is finished. An affiliate of Castle & Cooke is also participating, TIAA-CREF said in a statement.

“We actively seek out opportunities to partner with our participating institutions on compelling investments we find mutually beneficial, said David Brown, the managing director of Global Private Markets for TIAA-CREF, in a statement. “We have a long-standing relationship with UNC-Chapel Hill and look forward to having them closer to our Charlotte campus.”

UNC plans to use the institute for research into genomics and metabolomics.

The research Campus eventually will cover 350 acres and include retail space, hotel, research facilities, a wellness center and private residences.