Greystone provided Delaware-based developer Buccini/Pollin Group with $36 million in Federal Housing Administration-insured financing for the construction of a mixed-use development at 820 North Orange Street in Wilmington, Del., Commercial Observer can first report.
Donny Rosenberg of Greystone originated the loan, which is only being used toward the residential and retail parts of the development. The lender worked with the U.S. Department of Housing and Urban Development closely to close the deal under the agency’s 221(d)(4) program, which caters to new construction or rehabilitation of multifamily developments with fixed, low-rate debt.
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