Former Parking Garage to be Reimagined as a 200-Unit Residential Community via HUD Construction Loan
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.
