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Meridian Capital Arranges $45M Financing on Wilmington Apartments

Meridian Capital Group arranged $45 million for Crosby Hill Apartments, a multifamily property in Wilmington, DE on behalf of Buccini Pollin Group. The loan was provided by Valley Bank and was negotiated by Meridian senior managing director Morris Betesh and SVP Alex Bailkin, both based in the company’s New York City headquarters.

The 203-unit class-A multifamily property is located at 517 Shipley St. in Wilmington and contains two four-story buildings and one 11-story high-rise building. The brand new, luxury multifamily property features amenities such as a private courtyard, pool, grilling area, 24-hour fitness center and penthouse clubroom/resident lounge. It’s also located within walking distance of the Amtrak train station and convenient to Interstate 95, the major north/south artery along the East Coast.

“We received strong lender interest in the Crosby Hill Apartments given the accelerated lease-up the property has achieved, which is a testament to the property’s positioning as the best-in-market multifamily property,” said Betesh. “Given the combination of the accelerated absorption and strength of the sponsorship, we were able to structure a fixed-rate loan prior to full stabilization despite all the market turmoil.”


Inside The Story

Meridian Capital's Betesh

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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