Newmark Secures $65.5M Refinancing for University Hill Mixed-Use Property in Durham

University Hill

Completed in 2020, University Hill offers 269 multifamily units and 65,500 square feet of retail space.

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 three-year loan, which included a floating interest rate and two, one-year extension options.

Completed in 2020, University Hill offers 269 multifamily units and 65,500 square feet of retail space. University Hill’s apartment component features community amenities including a saltwater swimming pool; outdoor grilling area with two gas grills and two wood-fired pizza ovens; breakfast/coffee concierge; indoor herb garden; indoor bike storage; game room; car charging station; 24-hour fitness center and a pet play area with a dog spa.

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.

Located at 3806 University Drive, University Hill is situated close to Duke University & Health, which employs about 39,000 people.

Content Partners
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Walker & Dunlop

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