Capital One Provides $46M Bridge Loan for Delaware Corporate Campus
By Mack Burke August 25, 2017 4:35 pm
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Capital One has provided Brandywine Investment Group with a $46.3 million bridge loan to help finance the acquisition of a four-building, 80-acre corporate campus in Delaware, Commercial Observer can first report.
The loan has an initial term of two years with a three-year extension option contingent upon Delle Donne & Associates, the parent company of Brandywine, successfully “subdividing the two leased buildings from the rest of the property,” according to a news release from Capital One (COF).
In June, Brandywine, an affiliate of Delle Donne & Associates, acquired the site—which has an address of 1800 Concord Pike in Wilmington, Del.—from U.K.-based pharmaceutical giant AstraZeneca in a deal reportedly valued at $50 million. At the same time, AstraZeneca entered a leaseback agreement, taking two of the buildings to maintain its North American headquarters. (AstraZeneca is consolidating from four buildings into two that amass 380,000 square feet, according to Delawareonline.com.)
One of the largest developers in Delaware, Delle Donne and Associates has plans for a multiyear project to convert the complex into a mixed-use office, retail and residential center. All together, the four office buildings comprise 862,000 square feet with another 842,000 square feet slated for development.
“Our hard deadline was one of the reasons we turned to Capital One,” Delle Donne President and Chief Executive Officer Ernest Delle Donne said in prepared remarks.
Capital One’s Commercial Real Estate Group’s Jeff Wallace, who originated the transaction, explained: “The time frame on this transaction was extremely tight with substantial nonrefundable deposits at risk. We were able to provide a verbal commitment within two weeks of submission.”
No brokers were involved in the deal, the Capital One spokesman confirmed.
No one from Brandywine immediately returned requests for comment, and a spokesman for Delle Donne wasn’t available for comment.
