Bank of Montreal Supplies $36M Refi on Delaware Office Building

Douglas Development has landed a $35.5 million loan to refinance a Delaware office tower, Commercial Observer can first report.

Bank of Montreal (BMO) provided the five-year, interest-only loan on the 18-story PNC Bank Center in Wilmington, Del. 

Meridian Capital Group arranged the transaction with a team led by Cary Pollack and Judah Neuman.

“Securing financing for office buildings in the current economic climate is, without question, among the most complex endeavors in real estate today,” Pollack said in a statement. “Together, we were able to achieve a result that underscores the resilience of well-positioned assets and the importance of thoughtful financial structuring.” 

Located at 222 Delaware Avenue, the 1987-built PNC Bank Center recently underwent a $10 million renovation, according to Meridian. It is anchored by PNC Bank with law firms Heyman Enerio Gattuso & Hirzel and Barnes & Thornburg among its other notable tenants. Retail space on the ground floor is leased out to coffee shop Brew HaHa! and Morgan’s Women’s Boutique.

Officials at Douglas Development did not immediately return a request for comment. BMO declined to comment. 

Andrew Coen can be reached at acoen@commercialobserver.com