Delaware office is concentrated across Wilmington, Dover, and Newark, with materially different lender appetite by submarket and tenant credit profile. Wilmington is anchored by a deep concentration of financial services (the state's chancery-court-driven corporate-domicile preeminence supports outsized banking, credit-card, and trust-company employment versus the state's geographic size), legacy chemical-industry employment, and the broader Wilmington / Greater Philadelphia commuter shed; Dover is the state capital with steady government employment and Dover Air Force Base; Newark is anchored by the University of Delaware . Wilmington CBD office anchored by financial-services tenancy (banking, credit-card, trust-company) and the corporate-domicile law firm base is meaningfully more resilient than most Mid-Atlantic CBDs of comparable size.
Active capital sources
- Life Companies
- CMBS Lenders
- Delaware Regional Banks
- National Debt Funds
Loan programs we place
- Stabilized Class A Perm Debt
- Credit-Tenant Office Financing
- Office Bridge / Repositioning Capital
- Refinance / Recapitalization
Source notes
- BLS QCEW, 2025
Frequently asked questions
What is the current LTV for Wilmington office assets?
Long-WALT credit-tenant Class A office typically clears 55% to 65% LTV through life companies and CMBS, supported by tenant credit and weighted-average-lease-term sizing . Conventional speculative office is meaningfully more selective and frequently sizes to debt yields of 10.0% or higher rather than headline LTV.
Is non-recourse debt available for Delaware office?
Yes for stabilized institutional executions. Life-company, CMBS, and most national debt-fund executions on long-WALT credit-tenant office are non-recourse with standard bad-boy carve-outs. Smaller-balance regional bank loans, most office bridge loans, and conversion / repositioning loans typically carry partial recourse, particularly for newer sponsors or during repositioning lease-up periods.
What is Delaware's transfer tax structure for commercial office?
Delaware imposes a combined state and county real estate transfer tax of 4.00% of consideration on commercial transactions in most jurisdictions (state 2.50% + local 1.50%, with some municipal variation). Delaware's transfer tax is among the highest in the country in absolute terms and is a material closing-cost line item that lenders and sponsors model carefully into proceeds and equity sizing.
Is conventional Wilmington CBD office still financeable?
Yes for stabilized Class A with strong tenancy, capital-reserve adequacy, and credible long-term tenant retention assumptions, but the lender pool is meaningfully narrower than for life-sciences, GSA-leased, or single-credit-tenant net-leased product. Smaller deals (under $50M) frequently come down to a competitive process between in-state regional banks and a couple of life-company correspondent shops. Office-to-residential conversion bridge debt is available through a focused subset of debt funds active on Delaware files for sponsors with experienced conversion track records.