REBusinessOnline

Evergreen Acquires 116-Unit River Commons Apartments in Wilmington, Delaware

WILMINGTON, DEL. — Evergreen Apartment Group Inc. has acquired River Commons Apartments, a 116-unit multifamily property in Wilmington, located approximately 25 miles southwest of Philadelphia. River Commons, which was redeveloped in 2004, offers two- and three-bedroom apartments with a community clubhouse. Andrew Townsend of Marcus & Millichap represented Evergreen in the transaction, the seller in which was not disclosed. Key Bank Real Estate Capital provided a Fannie Mae acquisition …

Greysteel Arranges $24.7M Sale of Multifamily Property in Newark, Delaware

NEWARK, DEL. — Greysteel has arranged the $24.7 million sale of The Vinings at Christiana, a 220-unit multifamily property in Newark, located approximately 40 miles southwest of Philadelphia. The property comprises a mix of one-, two- and three-bedroom units, 125 of which are reserved for tenants earning 60 percent or less of the area median income, while the remaining 95 are rented at market rates. Ari Firoozabadi and Henry Mathies of Greysteel represented the seller, Alden Torch Financial, …

Acts to Develop $70M Expansion of Seniors Housing Community in Greenville, Delaware

GREENVILLE, DEL. — Acts Retirement-Life Communities will soon begin a $70 million expansion project at Country House, a seniors housing community in Greenville, located southwest of Philadelphia. The project will add 20 cottage homes, 55 apartments and a clubhouse to the community. The first phase of the three-year project, construction of the cottage homes, is scheduled to begin before the end of this month. The second phase of the project includes construction of the apartments and …

Walker & Dunlop Arranges $18M Construction Loan for Multifamily Development in Lewes, Delaware

LEWES, DEL. — Walker & Dunlop has arranged an $18 million construction loan for a multifamily development in Lewes, located approximately 40 miles southeast of Dover. An undisclosed regional bank provided the loan. The property consists of seven separate buildings, two of which are condominiums with ground-floor retail, three of which are fully leased apartment buildings and two of which are single-family homes. Two additional multifamily buildings offering one- and two-bedroom units are …

Vesper Acquires Student Housing Community Near University of Delaware for $48M

NEWARK, DEL. — Vesper Holdings has acquired The Retreat at Newark, a 597-bed student housing community located near the University of Delaware campus in Newark, for $48 million. The property offers a mix of one-, two-, four- and five-bedroom units. Shared amenities include a basketball court, clubhouse, fitness center, tanning beds, a golf simulator, outdoor grilling areas, a pool, hot tub and a computer lounge. TSB Realty brokered the sale of the property on behalf of an undisclosed seller. …

Axilla Capital Arranges $12M CMBS Loan to Refinance Hotel in Delaware

REHOBOTH BEACH, DEL. — Axilla Capital, a Michigan-based finance and advisory firm, has arranged a $12 million CMBS loan. The funds will refinance a Fairfield Inn & Suites hotel in the coastal Delaware city of Rehoboth Beach. Joel Mazur and Tom Fleming of Axilla arranged the loan, which carries a fixed interest rate below 5 percent and a 10-year term, on behalf of an undisclosed borrower. The lender was also

Capital One Provides $68M Loan for Office Redevelopment Project in Wilmington

WILMINGTON, DEL. — Capital One has provided a $68 million loan for the redevelopment of a portion of the former office campus of pharmaceutical firm AstraZeneca in Wilmington, Delaware. The borrower, Brandywine Investment Group II, acquired the site in 2017 in a sale-leaseback deal and will use the new proceeds to fund construction of a 1,373-space parking garage, as well as to fund tenant improvements and leasing commissions. The loan, which features a five-year term and an adjustable …

Marcus & Millichap Brokers Sale of 50,590 SF Retail Property in Delaware

MILLSBORO, DEL. — Marcus & Millichap has brokered the sale of Nanticoke Crossing, a 50,590-square-foot retail property in Millsboro. The sales price was undisclosed. The fully occupied property is anchored by supermarket chain Weis Markets. Nanticoke Crossing was the first shopping center developed along the John G. Williams Highway retail corridor in Millsboro. Chris Burnham and Dean Zang of Marcus & Millichap represented the seller, a local family, in the transaction. The buyer was …

Excel Group Acquires Residence Inn Wilmington Downtown in Delaware

WILMINGTON, DEL. —Real estate investment firm Excel Group has acquired the 96-room Residence Inn Wilmington Downtown in Wilmington. The sales price was undisclosed. Located at 1300 N. Market St., the property opened this year and is the first new hotel in downtown Wilmington in more than 20 years. The purchase is the fourth major transaction for Excel Group in 2018, representing a total transaction volume of more than $100 million. The property is an all-suite hotel that offers studio and …

Harvey Hanna Begins Redevelopment of Former General Motors Plant in Wilmington, Delaware

WILMINGTON, DEL. — Harvey Hanna & Associates and partner Boxwood Industrial Park LLC have begun the redevelopment of a former General Motors plant in Wilmington. The demolition of the 3 million-square-foot property is the first step of the redevelopment into a business and distribution campus. The project will include 3 million square feet of commercial space spread across four buildings. The demolition of the former plant is expected to take 10 to 12 months, with a significant amount of …

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