Durham, N.C. — Newmark has secured $65.5 million in refinancing for University Hill, a mixed-use property in Durham with multifamily, retail and art uses. Josh Davis, Chris Caison and C.J. Webb of Newmark’s Debt and Structured Finance team secured the bridge financing on behalf of the project’s developer, Shoff Allison with Hawthorne Residential Partners, and Drake Real Estate Partners. Pacific Life Insurance Co. provided the financing, which included a floating rate loan with an initial term of three years and two, one-year extension options.
Completed in 2020, University Hill offers 269 multifamily units and 65,500 square feet of retail. The project’s retail component includes a 30,000-square-foot O2 Fitness and several other retailers, including Happy + Hale, Triangle Coffee House and Midtown Yoga. Slated to open in 2022, other tenants include Gizmo Brewery and BB’s Crispy Chicken from James Beard-winning chef and restauranteur Ashley Christensen.
Along with the multifamily and retail aspects, The University Hill redevelopment also brings a 40,000-square-foot permanent art installation entitled UHills Walls, which features the work of over 40 artists. The property’s art installation offers the largest collection of mural art in the Southeast, according to Newmark.