REBusinessOnline

Driftwood Capital Begins Conversion of Delaware Office Building to 134-Room Hotel

WILMINGTON, DEL. — Miami-based Driftwood Capital is underway on a $31 million project that will convert an 11-story office building in Wilmington, Del., into a 134-room hotel that will be operated under the Staybridge Suites brand. The new hotel, which is expected to open in the second quarter of next year, will offer a lobby lounge, fitness center, business center with meeting space and a convenience mart. First International Bank & Trust provided $14.9 million in construction and …

Savills Brokers Sale of 100-Room Holiday Inn Express in Bethany Beach, Delaware

BETHANY BEACH, DEL. — Savills Inc. has brokered the sale of a 100-room Holiday Inn Express hotel in the coastal Delaware town of Bethany Beach. The hotel, which is located two blocks from the beach, is part of the InterContinental Hotels Group (IHG) family of brands and offers a business center and a 1,400-square-foot conference space. Marc Magazine and Tom Baker of Savills represented the seller, a partnership between two entities doing business as Bethany Boardwalk Group LLC and Bethany …

Savills Brokers Sale of 112-Room Marriott-Branded Hotel in Bethany Beach, Delaware

BETHANY BEACH, DEL. — Savills Inc. has arranged the sale of the 112-room Bethany Beach Ocean Suites Residence Inn, part of the Marriott family of brands, in coastal Delaware. The oceanfront hotel offers resort-like suites, a full-service spa and five meeting rooms. Marc Magazine and Tom Baker of Savills represented the seller, a partnership by entities doing business as Bethany Boardwalk Group LLC and Bethany Beach Ocean Inn LLC, in the transaction. The buyer was EOS Acquisitions

Dwight Capital Provides $50.7M HUD-Insured Loan for Refinancing of Delaware Multifamily Asset

WILMINGTON, DEL. — New York City-based Dwight Capital has provided a $50.7 million HUD-insured loan for the refinancing of Residences at Justison Landing, a 214-unit multifamily asset in Wilmington. Built on 2.6 acres in 2008, the waterfront property consists of two seven-story apartment buildings, ground-floor retail space leased to eight tenants and a three-story parking garage. Amenities include a community lounge, fitness center and concierge services. Josh Sasouness of Dwight Capital …

Rittenhouse Brokers Sale of 204-Unit Multifamily Portfolio in Wilmington, Delaware

WILMINGTON, DEL. — Philadelphia-based Rittenhouse Realty Partners has brokered the sale of a 204-unit multifamily portfolio in Wilmington, about 30 miles south of Philadelphia. The portfolio offers one-, two-, three- and four-bedroom units and had an occupancy rate above 90 percent at the time of sale. Corey Lonberger, Robert DiPasquale, Mark Duszak, Ken Wellar and Domenick Peronti of Rittenhouse brokered the deal. The buyer and seller were not

Greystone Provides $25M Agency Acquisition Loan for Multifamily Asset in New Castle, Delaware

NEW CASTLE, DEL. — Greystone has provided a $25 million Fannie Mae acquisition loan for The Garrison, a 120-unit multifamily property in New Castle, located south of Wilmington. The property was built in 2019. Dan Sacks of Greystone originated the nonrecourse loan, which was structured with a fixed interest rate, 12-year term and a 30-year amortization schedule. Jack Miller of Platinum Capital Group arranged the debt on behalf of the borrower, Goldcrest

Hersha Hospitality Sells 192-Room Sheraton Hotel in New Castle, Delaware

NEW CASTLE, DEL. — Pennsylvania-based Hersha Hospitality Trust (NYSE: HT) has sold the 192-room Sheraton Wilmington South hotel in New Castle, located south of Philadelphia. The six-story building was constructed in 2011 and renovated in 2020. Amenities include a pool, fitness center, business center and 9,167 square feet of meeting and event space. Jeffrey Davis, Blaise Fletcher, Stephen VanLeer, K.C. Patel, Nikhil Chuchra and Desmund Delaney of JLL represented Hersha Hospitality Trust in …

Greysteel Brokers Sale of 132-Unit Willows at Dover Apartments in Delaware

DOVER, DEL. — Greysteel has brokered the sale of Willows at Dover, a 132-unit apartment community in the state capital city. The townhouse-style property was built in 1976 and renovated in 2009. Amenities include a playground, clubhouse and onsite laundry facilities. Henry Mathies and Fletcher Hultman of Greysteel represented the seller, New Jersey-based investment firm The Ingerman Group, in the transaction. The duo also procured the buyer, an affiliate of Los Angeles-based BLDG Partners, …

Lument Provides $8M in Agency Financing for Affordable Housing Conversion Projects in Delaware

MIDDLETOWN AND SMYRNA, DEL. — Lument has provided an $8 million Freddie Mac loan to the Delaware State Housing Authority (DSHA) for the conversion of three public housing developments into Section 8 affordable housing for seniors. The permanent financing will pay off construction and renovation debt for a portfolio of three properties totaling 106 units. The portfolio being renovated comprises Holly Square in Middletown and McLane Gardens and Peach Circle, both in Smyrna. The renovation …

J.G. Petrucci Completes $20M Seniors Housing Project in Harbeson, Delaware

HARBESON, DEL. — Developer J.G. Petrucci has completed PeachTree Health Group Rehabilitation Center, a $20 million seniors housing project in the southern Delaware city of Harbeson. The property features 78 assisted living units that will serve patients that are recovering from brain injuries. Cerminara Architect designed the project. Iron Hill Construction, J.G. Petrucci’s in-house construction firm, served as the general

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