Bravo Capital Refis Delaware Apartments With $44M HUD Loan
By Andrew Coen October 4, 2024 7:00 am
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Delaware developer The Buccini/Pollin Group (BPG) has landed $44.2 million of agency-backed debt to refinance a multifamily property in Wilmington, Del., Commercial Observer has learned.
Bravo Capital provided the loan under the U.S. Department of Housing and Urban Development’s 223(f) program on The Residences at Rodney Square property in Downtown Wilmington, according to the lender.
Meridian Capital Group’s Morris Betesh arranged the transaction.
“The complex’s prime location in Downtown Wilmington significantly enhances its appeal, offering convenient walking access to restaurants, shops and community events,” Bravo Capital CEO Aaron Krawitz said in a statement. “The synergy between Bravo Capital and BPG demonstrates confidence in the future of properties in Downtown Wilmington.”
Located at 902 North Market Street, the property consists of 18,858 square feet of ground-floor commercial space and 100 parking spaces. Amenities include a fitness center, a film room with a DVD library, a resident lounge, a billiards area and coworking space.
“Our continued reinvestment in Downtown Wilmington and this long-term financing underscores our dedication to maintaining The Residences at Rodney Square as a premier, highly amenitized property for years to come,” Robert Buccini, founder of BPG, said in a statement.
Andrew Coen can be reached at acoen@commercialobserver.com.
