Deutsche Bank Refis Delaware Office Tower With $41M CMBS Loan

Buccini Pollin Group (BPG) has secured a $41 million loan to refinance an office tower in Wilmington, Del., that formerly housed a portion of DuPont’s headquarters, Commercial Observer has learned.

Deutsche Bank provided the commercial mortgage-backed securities conduit loan for the developer’s 18-story Brandywine Building, which was home to part of DuPont’s headquarters campus until 2005, a source familiar with the deal told CO.

The 1970-built property underwent a renovation in 2013 and is now at around 90 percent occupancy, according to Arrow Real Estate Advisors, which negotiated the financing. 

“BPG’s continued investment in the Brandywine Building and the strong leasing activity at the property demonstrate the resilience of well-located, institutional-quality office assets,” Morris Betesh, founder and managing partner of Arrow Real Estate Advisors, said in a statement. 

Arrow arranged the transaction with a team led by Betesch, Alex Bailkin and Matt O’Hanlon.

Located at 1000 North West Street in Downtown Wilmington, the 400,198-square-foot building recently signed leases with Corteva for 45,852 square feet and Cross River Bank for 5,899 square feet. 

BPG did not immediately return a request for comment. Deutsche Bank declined to comment.

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