Arrow Real Estate Advisors arranges $50.5 million refinance for Crosby Hill Apartments

Wilmington, DE Arrow Real Estate Advisors arranged senior and mezzanine debt totaling $50.5 million for the refinance of Crosby Hill Apartments, a 203-unit luxury multifamily community located at 517 Shipley St. in downtown.

The financing was structured on behalf of the Buccini Pollin Group (BPG), with MF1 providing the senior loan and Pearlmark providing the mezzanine financing. The transaction was arranged by Morris Betesh, founder and managing partner, Alex Bailkin, senior vice president, and Matt O’Hanlon, senior associate of Arrow Real Estate Advisors.

“BPG’s development of Crosby Hill reflects its continued commitment to revitalizing Downtown Wilmington with high-quality multifamily assets,” said Betesh.

Delivered in 2023, Crosby Hill is among downtown’s newest and most high-end apartment communities and features a level of design, amenities, and finishes that is largely unmatched within the market. The 203-unit community consists of both low-rise and high-rise components with shared amenities and building services, and is one of the only multifamily high-rises in the central business district featuring a glass façade with floor-to-ceiling windows and city views.

Crosby Hill benefits from its location, situated one block from Market St.’s retail, dining, and entertainment corridor and .4 miles from the Wilmington Amtrak Station, providing access to Philadelphia, New York City, and Washington, D.C.

The property offers studio, one-, and two-bedroom residences with stainless steel appliances, quartz countertops, and high-end finishes throughout, complemented by a best-in-class amenity package. Amenities include a private courtyard and swimming pool, penthouse clubroom, 24/7 fitness center, co-working space, furnished lobby with 24/7 doorman service, and structured parking with 125 subterranean spaces.