Capital One announced today a $46.3 million bridge loan to Brandywine Investment Group towards the acquisition of the AstraZeneca North Campus in Wilmington.
Brandywine Investment Group first acquired the property in June and soon after entered into an agreement with Delle Donne Associates to become the exclusive manager, developer and leasing agent of the property.
“Our hard deadline was one of the reasons we turned to Capital One,” said Ernest Delle Donne, president and CEO. “Over the years that we have worked with their team, we learned we could count on them for certainty of execution.”
The project will 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 Jeff Wallace, senior vice president in Capital One’s Commercial Real Estate Group, who originated the transaction. “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.”