Glacier Credit Strategies Lends $50M for University of Delaware Apartments Build

Developer Buccini Pollin Group (BPG) has secured $50 million of construction financing to build a multifamily project at a University of Delaware property, Commercial Observer has learned.

Glacier Credit Strategies supplied the loan for the developer’s planned 229-unit apartment complex within the state university’s 272-acre Science, Technology and Advanced Research (STAR) Campus in Newark, Del. The STAR Campus sits just south of the university’s main campus on land purchased by the school in 2009. 

Arrow Real Estate Advisors arranged the transaction with a team led by Morris Betesh and Alex Bailkin.

“We are proud to play a role in supporting the development of quality multifamily housing in the newly transformed STAR Campus,” Betesh, founder and managing partner of Arrow, said in a statement. “We are confident that the project will be highly successful given the significant and growing demand drivers on the campus as well as the stellar track record of BPG in the region.”

BGP proposed the development of  rental housing in 2022 at the STAR Campus, which was formerly a Chrysler plant before the university repurposed the site. In addition to market-rate apartments, the development will also include ground-floor retail space. Community amenities will include a pool, fitness center, bike storage room and coworking space. 

“BPG, one of the largest multifamily owners in the state of Delaware, has the knowledge and expertise of capturing the unmet, growing demand for high-end apartment units at the STAR Campus,” Jeff Wiseman, president of Glacier Credit Strategies, said in a statement. 

Officials at BPG did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com