NEW YORK, Aug. 08, 2016 (GLOBE NEWSWIRE) -- Greystone, a real estate lending, investment and advisory company, today announced it has provided $36,549,800 in FHA-insured financing for the construction of Residences at Mid-town Park Apartments, a mixed-use development project in Wilmington, Delaware. Donny Rosenberg originated the loan on behalf of Buccini/Pollin Group, who broke ground on the project in June 2016.
The Residences at Mid-town Park is a mixed-use new construction, Class A elevator apartment complex located in the downtown business area that will contain 200 market rate units and 12,751 square feet of retail space on the first floor. The project will also have a 511-space underground parking garage with five levels, of which 150 spaces on the upper-most levels will be part of the subject property. The remaining 361 spaces on the lower levels will be set aside for public parking.
The Residences at Mid-town Park will consist of two separate apartment buildings, a four-story and nine-story, connected by a skybridge on the second level, with a pedestrian-oriented plaza on the ground level. Amenities will include a swimming pool; fitness center; business center; clubhouse with movie screening room; and courtyard with grilling stations. The FHA-insured financing provided by Greystone applies only to the residential and retail portion of the project. While the 150 parking spaces are part of the collateral for HUD, their construction is not being funded with the HUD loan.
Because of the complexity of this development and its various uses, Greystone worked closely with HUD to structure a financing package that satisfied all required criteria for the multifamily component while providing favorable terms for Buccini/Pollin Group to complete the entire mixed-use project. HUD’s 221(d)(4) product enables substantial rehab or construction of multifamily projects with long-term, fixed, low-rate financing.
"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, 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.”
“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,” said Robert Buccini, Co-President of the Buccini/Pollin Group.
About Greystone
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA and Fannie Mae lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.
About The Buccini/Pollin Group
The Buccini/Pollin Group is a privately-held, full-service real estate acquisition, development and management company with offices in Washington, DC, Wilmington, DE, Philadelphia, PA, and New York City. Since 1993, Buccini/Pollin has developed and acquired hotel, office, residential, sports & entertainment, and retail properties throughout the Mid-Atlantic and Northeast having a value in excess of $4 billion. The Buccini/Pollin group currently has under management or development 30 hotels, 6 million square feet of office and retail space, 10 major residential communities, and multiple entertainment venues, including PPL Park, home of the Philadelphia Union Major League Soccer team. Buccini/Pollin’s 2,000 associates make a difference in our communities by supporting over 50 vital charities. For more information, please visit www.bpgroup.net.