HFF Arranges $46M Financing for Philly Office Campus
- Feb 10, 2017
Newark, Del.—HFF recently secured $46 million in acquisition financing for Christiana Executive Campus, a 450,000-square-foot suburban office park in the Wilmington suburb of Newark, Del. HFF worked on behalf of Delle Donne & Associates Inc. to secure two separate long-term, fixed-rate loans. Atapco Properties was the seller of the six four-story buildings.
Located at 111, 121, 131, 200, 220 and 240 Continental Drive, less than 1 mile from Interstate 95 and routes 7 and 1, the buildings are situated in Delaware’s most retail-centric location. Moreover, the campus is less than 10 miles northwest of downtown Wilmington and 38 miles northeast of Center City Philadelphia.
According to Yardi Matrix data, the park was built in several phases, starting from 1986. Christiana Executive Campus features an on-site cafe, 24-hour security, 1800 parking spaces and has been outfitted with energy efficient upgrades, including white reflective roofs and double glazed windows.
“The sponsorship will immediately add value to the property after closing with the signing of two substantial leases. HFF is pleased to have worked on the acquisition financing for what will certainly be a very accretive portfolio of assets for Delle Donne & Associates,” said Ryan Ade, HFF’s managing director, in prepared remarks.
Recently, Ade’s team secured a $13 million refinancing for a Class A office building in Wilmington, Del., also owned by Delle Donne & Associates Inc.
Image courtesy of Yardi Matrix