Tarabicos Grosso, LLP recently assisted developer Delle Donne & Associates, Inc. with a $68,000,000.00 financing transaction for the highly-anticipated redevelopment project known as Avenue North, located at the intersection of Concord Pike and Powder Mill Road in Wilmington, Delaware. The firm represented Brandywine Investment Group II, LLC, an affiliate of Delle Donne & Associates, in the financing transaction with Capital One.
Funding from the transaction will be used to finance pre-development and development costs for the Avenue North Campus, including the construction of an approximately 1,244-space parking garage to meet the parking needs of existing Avenue North Campus tenants Christiana Care, AstraZeneca, and Solenis, and building and tenant improvements at the Pavilion Building, which is leased entirely by Solenis and contains approximately 90,000 square feet of office space.
Tarabicos Grosso partners Geoff Grosso and Scott Matthews led the legal team with respect to the financing transaction and also played a key role in negotiating the long-term leases with Delaware health care giant Christiana Care and global water treatment leader Solenis. Read more here.
In addition to the Pavilion Building, the existing Avenue North Campus includes the approximately 386,000 square foot Center Building, leased entirely to Christiana Care, and another 370,000 square feet of space currently leased to AstraZeneca. Developer Ernest F. Delle Donne, through an affiliated LLC, acquired the Avenue North site in June 2017, and is currently planning to redevelop the remainder of the site as an exciting, mixed-use campus, combining office, commercial, residential, and hotel uses. Upon its completion, Avenue North will contain over 1,800,000 square feet of end-user space.
Tarabicos Grosso partner Mike Hoffman is leading the legal team with respect to obtaining land development approvals for the mixed-use project.
Read more about the Avenue North project here on our website.
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