Capital One announced it provided a $46.3 million bridge loan to Brandywine Investment Group, an affiliate of Delle Donne & Associates, to finance the recent acquisition of the AstraZeneca North Campus near Wilmington.Jeff Wallace, Senior Vice President
Jeff Wallace, senior vice president of Capital One’s Commercial Real Estate Group, originated the transaction.
The loan has an initial term of two years and a three-year extension option contingent upon Delle Donne successfully subdividing the two leased buildings from the rest of the property.
Brandywine Investment Group acquired the property from AstraZeneca in June subsequently entering into an agreement with Delle Donne Associates, making it the exclusive manager, developer and leasing agent of the property.
AstraZeneca has also entered into a leaseback agreement with Delle Donne Associates. The pharmaceutical company will maintain its North American commercial headquarters in two of the main buildings on campus.
In all, the property consists of 862,000 square feet of existing office space and 842,000 square feet of potential future development.
Delle Donne and Associates is one of the largest developers in Delaware. It plans to embark on a multi-year project to transform the office complex into a mixed-use office, retail, and residential center.
“The timeframe 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,” said Wallace. “We also worked closely with Delle Donne to ensure that their overall goals were met in this transaction, which was an important transaction for all involved.”
“Our hard deadline was one of the reasons we turned to Capital One,” said Ernest Delle Donne, the company’s CEO. “Over the years that we have worked with their team, we learned we could count on them for certainty of execution.”
