Buccini Pollin Group Nabs $103M Recap for Delaware Office-to-Resi Conversion

Buccini Pollin Group (BPG) has nabbed a $103 million debt package for the realization of an office-to-residential conversion project at the former DuPont headquarters in Delaware, Commercial Observer can first report.

Apollo, Pearlmark, Octagon Finance and S&T Bank provided the loan for BPG’s the Standard property, which BCP is transforming into a 363-unit apartment complex with 150,000 square feet of renovated office and retail space. BPG began its conversion of the 734,422-square-foot building in Downtown Wilmington in 2022 with 266 apartments delivered in the first phase last year and another 97 planned.

“Buccini Pollin Group has a strong local presence in the market and is in the process of executing a great vision for this asset,” Steve Gordon, managing director at Pearlmark, said in a statement. 

Located at 1007 North Orange Street, the former Nemours building is part of a cluster of five properties BCP acquired from 1999 to 2017 that previously comprised the headquarters of chemical company DuPoint, the Philadelphia Business Journal previously reported. 

Arrow Real Estate Advisors arranged the transaction with a team consisting of Morris Betesh, Alex Bailkin and Matt O’Hanlon.

“This was a complex financing secured by mixed collateral including the first phase of apartments which were in lease-up, to be constructed apartments, office and retail space, and historic tax credits,” Betesh, founder and managing partner of Arrow Real Estate Advisors, said in a statement. 

Officials at BPG, Octagon Finance and S&T Bank did not immediately return requests for comment. Apollo declined to comment. 

Andrew Coen can be reached at acoen@commercialobserver.com.