MF1 Leads $51M Refi for Delaware Apartments

Buccini Pollin Group (BPG) has sealed a $50.5 million debt package to refinance a multifamily asset in Wilmington, Del., Commercial Observer has learned.

MF1 Capital provided a $45 million senior loan while Pearlmark supplied $5.5 million of mezzanine debt for BPG’s Crosby Hills Apartments, a 203-unit property in Downtown Wilmington that debuted in 2023. 

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

“BPG’s development of Crosby Hill reflects its continued commitment to revitalizing Downtown Wilmington with high-quality multifamily assets.” Betesh, founder and managing partner of Arrow Real Estate Advisors, said in a statement.

BPG also secured a $103 million loan in September 2025 to recapitalize the former DuPont headquarters building into a 363-unit apartment complex, CO first reported at the time. 

Located at 517 North Shipley Street about 30 miles southwest of Downtown Philadelphia, Crosby Hills consists of studio, one-bedroom and two-bedroom apartments along with 125 parking spots. Community amenities include a courtyard, a swimming pool, a fitness center and coworking space.

“We have started making fixed rate loans to meet the demand coming from our existing borrower base,” Scott Waynebern, co-managing member at MF1, said in a statement. “Buccini Pollin has been a great sponsor for us in the past and has a really impressive command of the Wilmington market.”

BPG and Pearlmark did not immediately return requests for comment.

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