Arrow Real Estate Advisors arranges $103 million bridge loan for Buccini Pollin Group’s continued redevelopment of The Standard

Wilmington, DE Arrow Real Estate Advisors, a leading real estate finance advisory firm, has arranged $103 million in total financing for the refinance and continued redevelopment of The Standard, a premier 734,422 gross square foot mixed-use project located at 1007 North Orange Street in the heart of Wilmington, Delaware’s Central Business District.

The financing package, provided by Apollo, Pearlmark, Octagon Finance, and S&T Bank, was arranged on behalf of Buccini Pollin Group (BPG) by Arrow’s team of Morris Betesh, founder and managing partner, Alex Bailkin, senior vice president, and Matt O’Hanlon, senior associate.

“We are pleased to have arranged financing for The Standard, supporting BPG’s continued redevelopment of this landmark property, of the Market West District, and of Downtown Wilmington as a whole.” said Betesh. “This was a complex financing secured by mixed collateral including the first phase of apartments which were in lease up, to be constructed apartments, office and retail space, and historic tax credits.”

Part of the historic DuPont Company headquarters campus, the subject was originally constructed in 1941 as the Nemours Building. Fueled by the transformation Wilmington’s CBD has seen into a thriving residential community, the Sponsor kicked off a master plan to redevelop the 6 building, 3.0 million s/f campus into a 24/7 live, work, play destination. On the heels of the successful conversion of the adjacent 1.0 million s/f DuPont Building in 2021 into a mixed-use asset comprising 198 apartments and a variety of other uses, Sponsorship began the first phases of converting The Standard in 2022, delivering the first phase of 266 apartments in 2024. The financing supported Sponsorship’s plan to continue the conversion, which will deliver another 97 apartments (363 in total) in addition to 150,000 s/f of newly renovated office and retail at completion.

The Standard is downtown Wilmington’s newest luxury apartment community, thoughtfully reimagined from a historic office building that once housed pioneering businesses. Residents enjoy a mix of existing and forthcoming amenities, including The Mill co-working space, a boutique gym, Theater N arthouse cinema, Starbucks, Café Mezzanotte, a private rooftop balcony with river and city views, and a resident clubroom.

The residences, ranging from studio to two-bedroom apartment homes and penthouse lofts, feature distinctive design touches such as continuous quartz countertops and backsplashes, herringbone tile bathroom flooring, two-tone cabinetry, large kitchen islands, stainless-steel appliances, LATCH keyless access, and abundant natural light. Select penthouse units offer spiral staircases, private balconies, and premium kitchen upgrades.

Located within Market West, Wilmington’s vibrant live-work-play neighborhood, The Standard places residents steps from destination dining, live entertainment, outdoor events, and modern workspaces, blending historic character with contemporary living.