Meridian Capital Group arranged $45 million for Crosby Hill Apartments, a multifamily property in Wilmington, DE on behalf of Buccini Pollin Group. The loan was provided by Valley Bank and was negotiated by Meridian senior managing director Morris Betesh and SVP Alex Bailkin, both based in the company’s New York City headquarters.
The 203-unit class-A multifamily property is located at 517 Shipley St. in Wilmington and contains two four-story buildings and one 11-story high-rise building. The brand new, luxury multifamily property features amenities such as a private courtyard, pool, grilling area, 24-hour fitness center and penthouse clubroom/resident lounge. It’s also located within walking distance of the Amtrak train station and convenient to Interstate 95, the major north/south artery along the East Coast.
“We received strong lender interest in the Crosby Hill Apartments given the accelerated lease-up the property has achieved, which is a testament to the property’s positioning as the best-in-market multifamily property,” said Betesh. “Given the combination of the accelerated absorption and strength of the sponsorship, we were able to structure a fixed-rate loan prior to full stabilization despite all the market turmoil.”