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Pacific Life Insurance Provides $69M Refinance Loan For Mixed-Use Development In Durham, NC

Property Image
FINANCED
$69,000,000
C.J. Webb
Josh Davis
Chris Caison

North Carolina

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Development Site298,580 SF
Financed 11/12/2021
the dealplayerscompscontact
Property Image
FINANCED

Pacific Life Insurance Provides $69M Refinance Loan For Mixed-Use Development In Durham, NC

3806 University Drive

See Similar Deals
Development Site298,580 SF
Financed 11/12/2021
C.J. Webb
Josh Davis
Chris Caison
the dealplayerscompscontact
Contact now

Summary

NORTH CAROLINA
Asset Type:Development Site
Price Per Square Foot:$231
Total Square Footage:298,580 SF
Transaction Type:Loan

A mixed-use development located at 3806 University Drive in Durham, NC has recently undergone a refinancing transaction. The property spans across 15 acres and is owned by Hawthorne Residential Partners and Drake Real Estate Partners.

Summary of transation details

  • Property Type: Mixed-use Development
  • Transaction Amount: $69,000,000
  • Date: 11/12/2021
  • Address: 3806 University Drive
  • Market: Durham, NC
  • Lender: Pacific Life Insurance Company
  • Landlord: Hawthorne Residential Partners & Drake Real Estate Partners
  • Brokers: Josh Davis, Chris Caison & C.J. Webb - Newmark

The loan for this refinancing transaction was provided by Pacific Life Insurance Company. The team at Newmark, consisting of brokers Josh Davis, Chris Caison, and C.J. Webb, represented the parties involved in the deal.

Players

Chris Caison
Newmark
Chris Caison
3 deals$165.1M volume
BROKER
Josh Davis
Newmark
Josh Davis
3 deals$165.1M volume
BROKER
C.J. Webb
Newmark
C.J. Webb
1 deal$69M volume
BROKER
Pacific Life Insurance Company
Pacific Life Insurance Company
LENDER
DP
Drake Real Estate Partners
LANDLORD
HP
Hawthorne Residential Partners
LANDLORD

Details

FINANCED
IMAGE: Josh Davis, Chris Caison & C.J. Webb DATE: 11/12/2021 ADDRESS: 3806 University Drive MARKET: Durham, NC ASSET TYPE: Mixed-use Development ~ ACRES: 15 LENDER: Pacific Life Insurance Company LANDLORD: Hawthorne Residential Partners & Drake Real Estate Partners BROKERS: Josh Davis, Chris Caison & C.J. Webb - Newmark LOAN AMOUNT: $69,000,000 LOAN TYPE: Refinance

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$69,000,000.00

Monthly NOI$460,000.00
Monthly Debt Service$436,126.94
Change in Cash Flow$0.00
Refinance Proceeds$0.00