3650 REIT Refis Wilmington Office Property With $85M Loan
The Buccini/Pollin Group has landed an $85 million loan to refinance WSFS Bank Center, an approximately 371,000-square-foot office property in Wilmington, Del., Commercial Observer can first report.
3650 REIT provided the loan, which originated from the firm’s Stable Cash Flow investment platform and carries a term of 10 years. David Strongwater and Tal Bar-or of Lantern Real Estate arranged the financing
Located at 500 Delaware Avenue in Wilmington, the property was developed by Buccini/Pollin in 2006. It serves as WSFS Bank’s corporate headquarters.
“We are thrilled to work on another transaction with sponsor Buccini/Pollin to refinance its premier office asset in the heart of America’s corporate capital,” 3650 REIT co-founder and managing partner Toby Cobb said in a prepared statement. “As uncertainty in the office sector continues, we believe that WSFS Bank Center, a trophy office asset in Wilmington, will be a ‘change winner’ as more companies finalize their long-term plans to return to the office.”
“With the U.S. economy still recovering from the pandemic and international conflict driving volatility, 3650 was able to move quickly to close this loan despite mounting uncertainty in the market,” said Chris Buccini, co-president of The Buccini/Pollin Group. “The firm was able to efficiently devise a complex and creative financing solution which will help ensure the continued success of this best-in-class office asset.”
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