Arrow Real Estate Advisors arranges $70.25 million financing for multifamily development The Press in Wilmington, DE

Wilmington, DE Arrow Real Estate Advisors arranged a $70.25 million loan on behalf of The Buccini Pollin Group for The Press, a newly delivered luxury multifamily property located at 801 N Orange St. in downtown.

The financing was arranged by Arrow’s Morris Betesh, founder and managing partner, and Alex Bailkin, senior vice president, and provided by HPS/BlackRock.

“We were pleased to secure a financing solution with HPS/BlackRock that aligned with the sponsor’s objectives and supports one of the most significant multifamily developments delivered in the Greater Philadelphia region in recent years,” said Betesh. “The Press offers a level of design, amenitization, and overall quality that rivals newly delivered luxury product in major gateway cities across the country, and the strong interest we received from institutional capital providers reflects the growing recognition of the asset, Downtown Wilmington as an investment destination, and the exceptional development platform BPG has built over the past three decades.

Developed by The Buccini Pollin Group, The Press represents the latest chapter in the continued evolution of downtown into a true live-work-play environment and reinforces the firm’s long-term commitment to investing in the city’s urban core. Located within the city’s central business district, the property provides residents with direct access to the city’s growing collection of dining, retail, entertainment, and employment destinations. The property features a glass façade, floor-to-ceiling windows, premium interior finishes, and a best-in-class amenity package, establishing a new benchmark for luxury multifamily living.

The financing comes as the downtown continues to emerge as one of the Mid-Atlantic’s most compelling urban residential markets. Over the past two decades, BPG has developed more than 3,000 residential units throughout the city and played a central role in transforming the city into a live-work-play environment. Today, the firm’s Class A residential portfolio is more than 97% occupied, demonstrating the strength of local housing demand and helping attract increasing interest from institutional investors seeking exposure to high-quality multifamily assets in supply-constrained growth markets.