WILMINGTON, DE — Bravo Capital provided a $44.2 million loan under HUD’s 223(f) program to refinance The Residences at Rodney Square, an apartment building at 902 North Market Street in Downtown Wilmington, Delaware. The borrower was The Buccini/Pollin Group (BPG), a Delaware developer. Meridian Capital Group arranged the loan.
A HUD 223(f) loan is FHA-insured permanent financing for the purchase or refinance of an existing, stabilized apartment property, with terms of up to 35 years at a fixed rate, fully amortizing and non-recourse.
At a glance
Why HUD 223(f) fit
An established property. 223(f) is built for existing, stabilized apartment buildings, not construction, and allows commercial space within program limits.
Long-term debt. Up to 35 years at a fixed rate, fully amortizing, so there is no balloon payment to refinance again.
Non-recourse. Non-recourse with standard carve-outs, and fully assumable if the property is ever sold.
“The complex’s prime location in Downtown Wilmington significantly enhances its appeal, offering convenient walking access to restaurants, shops and community events. The synergy between Bravo Capital and BPG demonstrates confidence in the future of properties in Downtown Wilmington.” – Aaron Krawitz, Founder & CEO of Bravo Capital (Commercial Observer, Oct 4, 2024)
In the press: This financing was covered by Commercial Observer (Oct 4, 2024), Meridian Capital Group and CRE News (Nov 4, 2024).
Refinancing an apartment property? Talk to our HUD team about a 223(f) loan: start a loan inquiry or see all transactions.
Bravo Capital and its affiliates have closed over $2.5 billion in financing nationwide across HUD, Bridge-to-HUD and mezzanine lending.
