Meridian Capital Group arranged $45 million in financing for Crosby Hill Apartments, a 203-unit class-A multifamily property located at 517 Shipley St. in Wilmington, DE. The loan was provided by Valley Bank and negotiated by Meridian senior managing director Morris Betesh and SVP Alex Bailkin based out of the company’s New York City headquarters on behalf of Buccini Pollin Group.
The luxury multifamily property features amenities such as a private courtyard, pool, grilling area, 24-hour fitness center, and penthouse clubroom/resident lounge all within walking distance to the Amtrak train station and convenient access to Interstate 95 along the East Coast.
Betesh commented that “the accelerated lease-up achieved at Crosby Hill Apartments has generated strong lender interest given its positioning as best-in market multifamily property.” He added that “despite market turmoil, we were able to structure a fixed rate loan prior to full stabilization due to this combination of factors.”
