O wners , D evelopers & M anagers F eaturing E nvironmental /G reen B uildings
M id A tlantic Real Estate Journal — Section C
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Crosby Hill will bring 203 apartments to Downtown Wilmington in Fall 2022 The Buccini/Pollin Group celebrates topping out of 11-story multifamily apartment community
HI-LIGHTS Feb. 18 - March 17, 2022 ENVIRONMENTAL/ GREEN BUILDINGS SPOTLIGHT ILMINGTON, DE — Joined by City of Wilmington Mayor Mike Purzycki, Wilmington- based developer The Buccini/ Pollin Group, Inc. (BPG) , BPGS Construction , and ResideBPG celebrated the topping out of their latest resi- dential development Crosby Hill this morning. During the ceremony, a structural beam was raised to the roof of the 11-story building, signify- ing a major milestone in the development of the 203-unit multi-family community com- W
While the majority of devel- opment in recent years has been concentrated to Market Street, Crosby Hill marks a significant move westward to widen the core of the Central Business District in Down- town Wilmington. Prior to demolition, the site was origi- nally a standard parking lot. Crosby Hill will relocate the parking underground and bring an estimated 350 people to Shipley Street, which im- pacts the broader strategy to build critical mass and broad- en the Downtown. To date, BPG has brought over 2,100 units to the resi- dential market in Wilmington and has no plans of stopping. Even with the addition of 300 new units to Downtown Wilmington last year, BPG’s residential portfolio remains stabilized across the board at 95% occupancy with consistent leasing activity at our newest communities The Cooper and 101 dupont place, which are both over 80% occupied. MAREJ
residents. The building will also feature a fitness center and a penthouse clubroom on the 11th floor with unparal - leled city and river views. The clubroom will boast a demonstration kitchen, game room, coworking space, indoor fireplace, and outdoor terrace. The community will include studios, one, and two-bedroom apartments with stainless- steel appliances, quartz coun- ter tops and high-end finish details throughout. The name Crosby Hill pays tribute to the Crosby and Hill Department Store that promi- nently served Wilmington for nearly a century from 1878 to 1960 at 605 Market St. De- scribed by the Every Evening in 1888 as “an indication of the substantial development of the retail trade in Wilm- ington…[and] an ornament to the lead business center of the city,” BPG believes this new development will be just as influential for the City as the first Crosby and Hill building.
Crosby Hill
ing to 517 Shipley St. in the Fall of 2022. Following remarks from Mayor Purzycki, Rob Buc- cini , co-president of The Buc- cini/Pollin Group, and Chris Langan, residential regional director for The Buccini/Pol- lin Group, guests, neighbors, and project partners were invited to sign the beam prior to its raising by the 150 foot- tall crane that’s been a focal point of the City skyline for the past eight months. The development, which is nearly
halfway complete, brings over 200 construction jobs to the City of Wilmington throughout the project. Designed by Niles Bolton Associates , the $62 million development includes two 4-story buildings and one 11-story building surround- ing a private, landscaped courtyard with a swimming pool, fireplace, BBQ grills, screening area, and pergola. A private parking garage with 124 parking spots will be located underground for
Hudson Valley Property Group acquires 100 unit affordable development in Millville, NJ
who have supported our work here and throughout the state, preserving New Jersey’s af- fordable housing stock for the long term.” Located at 2233 S. 2nd St., the 100-unit property will un- dergo substantial in-unit and property-wide renovations, drastically enhancing the com- plexion of the property. “The project was eligible for immediate resyndication, how- ever finding an experienced de - veloper with a strong relation- ship with NJMFHA, who also had the capability to close with bridge financing in calendar year 2021 was an integral part of transaction. After a targeted but national marketing effort, HVPG was selected from a group of finalists based on their qualifications and ability to ex - ecute in a timely manner,” said Gene Levental , managing di- rector, SVN Affordable. MAREJ
MILLVILLE, NJ — Hud- son Valley Property Group (HVPG) announced the ac- quisition of Delsea Village, a 100-unit family affordable de- velopment in Millville. The $14 million transaction includes financing for the preservation and renovation of the property to modernize the building while keeping rents affordable. HVPG will keep rents af- fordable to residents while pursuing a new 20-year HUD Project Based Section 8 Con- tract and low-income housing tax credit (LIHTC) syndica- tion. The initial acquisition was financed through an eq - uity investment from Hudson Valley Preservation Fund II (HVPF II) and bridge debt financing through KeyBank . The next phase of HVPG’s preservation plan will be to se- cure 4% low-income tax credit/ tax exempt bond financing
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Delsea Village
and building modernization, all the while maintaining the long-term affordability of the property and non-displacement of residents. “Hudson Valley Property Group is excited to bring physi- cal upgrades, continued af- fordability, and a refreshed community outlook to residents of Delsea Village,” said Jason Bordainick , managing part- ner and co-founder of Hudson Valley Property Group. “We are grateful to our partners
in partnership with the New Jersey Housing and Mort- gage Finance Agency and permanent debt also through KeyBank which will ensure affordability for an additional three decades and allow for a $5.1 million renovation of the property. HVPG’s “bridge to tax credit” strategy allows the seller to exit ownership in a more expedited timeline with future plans in place to access publics funding required for more extensive renovations
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