Delaware Developer Gets $36M in FHA Construction Financing from Greystone
Greystone provided Delaware-based developer Buccini/Pollin Group with $36 million in Federal Housing Administration-insured financing for the construction of a mixed-use development at 820 North Orange Street in Wilmington, Del., Commercial Observer can first report.
Donny Rosenberg of Greystone originated the loan, which is only being used toward the residential and retail parts of the development. The lender worked with the U.S. Department of Housing and Urban Development closely to close the deal under the agency’s 221(d)(4) program, which caters to new construction or rehabilitation of multifamily developments with fixed, low-rate debt.
“The vision for Mid-town Park would not have been possible without Greystone’s expertise in HUD financing and the support of all of our local partners, and we are thrilled to move forward with this integral project for Wilmington,” Robert Buccini, a co-president of the Buccini/Pollin Group, said in prepared remarks provided to CO.
The developer broke ground on the $75 million project in June. Once completed, The Residence at Midtown Park will contain 200 market-rate units, 12,751 square feet of ground-floor retail, and a 511-space underground parking garage. There will be two separate apartment buildings on the property, one four-stories and one nine-stories, with a connecting skybridge. The complex will have a swimming pool, a fitness center, a business center, a clubhouse, a movie screening room and a courtyard.
“The Buccini/Pollin Group is a true visionary developer and Residences at Mid-town Park will be a real watershed for the revitalization of Wilmington’s central business district,” said Mordecai Rosenberg, the head of FHA lending at Greystone. “This project will not only help meet Wilmington’s demand for high-end affordable housing, but will also provide the additional parking that is desperately needed in order to foster the continued growth of small businesses in this burgeoning neighborhood.”