Financing Provided for North Orange St. Development

The Greystone real estate company provided Delaware-based developer Buccini/Pollin Group with $36 million in Federal Housing Administration-insured financing for the construction of a mixed-use development at 820 North Orange Street in Wilmington, Del., Commercial Observer first reported.

Donny Rosenberg of Greystone originated the loan, which is only being used toward the residential and retail parts of the development. The lender worked with the U.S. Department of Housing and Urban Development closely to close the deal under the agency’s 221(d)(4) program, which caters to new construction or rehabilitation of multifamily developments with fixed, low-rate debt.

“The vision for Mid-town Park would not have been possible without Greystone’s expertise in HUD financing and the support of all of our local partners, and we are thrilled to move forward with this integral project for Wilmington,” Robert Buccini, a co-president of the Buccini/Pollin Group, said in prepared remarks provided to CO.

The developer broke ground on the $75 million project in June. Once completed, The Residence at Midtown Park will contain 200 market-rate units, 12,751 square feet of ground-floor retail, and a 511-space underground parking garage. There will be two separate apartment buildings on the property, one four-stories and one nine-stories, with a connecting skybridge. The complex will have a swimming pool, a fitness center, a business center, a clubhouse, a movie screening room and a courtyard.

“The Buccini/Pollin Group is a true visionary developer and Residences at Mid-town Park will be a real watershed for the revitalization of Wilmington’s central business district,” said Mordecai Rosenberg, the head of FHA lending at Greystone. “This project will not only help meet Wilmington’s demand for high-end affordable housing, but will also provide the additional parking that is desperately needed in order to foster the continued growth of small businesses in this burgeoning neighborhood.”

To learn more head to: https://commercialobserver.com/2016/08/delaware-developer-gets-36m-in-fha-construction-financing-from-greystone/

  • Show Comments

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

Ads

You May Also Like

The Mill Speaker Series: Dec 15th

The Mill Talks: Public-Private Partnerships Thursday, December 15th 5:30 – 7:00pm at Theatre N at ...

UDairy Now Serving Ice Cream and Dreams!

Summarized from the full original article on Tehnical.ly DE. Image courtesy of Evan Krape. The University ...

Nonprofit Spotlight: UrbanPromise Wilmington

Founded in 1998, UrbanPromise Wilmington's mission is to equip children and young adults with ...

Ladybug Music Festival July 20 – 21

The exclusively female-fronted music festival, has seen its downtown Wilmington summertime crowds grow by ...

Wilmington 2028: A Comprehensive Plam for Our City and Communities

Introducing: Wilmington 2028

Devised from an online survey back in October 2018 that asked the community to ...

300-101   400-101   300-320   300-070   300-206   200-310   300-135   300-208   810-403   400-050   640-916   642-997   300-209   400-201   200-355   352-001   642-999   350-080   MB2-712   400-051   C2150-606   1Z0-434   1Z0-146   C2090-919   C9560-655   642-64   100-101   CQE   CSSLP   200-125   210-060   210-065   210-260   220-801   220-802   220-901   220-902   2V0-620   2V0-621   2V0-621D   300-075   300-115   AWS-SYSOPS   640-692   640-911   1Z0-144   1z0-434   1Z0-803   1Z0-804   000-089   000-105   70-246   70-270   70-346   70-347   70-410  

Copyright © 2020 WilmToday.com
Designed and Developed in Partnership with
Tapp Network - Mission-driven Marketing & Technology
Located in Wilmington, DE