D2 Organization Refinances Philadelphia Office Asset – Commercial Property Executive

January 28, 2023

1000 Campus Drive. Image courtesy of D2 Capital Advisors

D2 Organization has received a $8.5 million loan for the refinancing of 1000 Campus Drive, an 81,400-square-foot office building in Collegeville, Pa. D2 Capital Advisors’ David Frankel and Jack Cortese arranged the financing through TriState Capital Bank.

Loan proceeds will be used for tenant improvements, capital expenditures, carry costs and leasing commissions in addition to paying off existing debt. CommercialEdge data shows D2 Organization purchased the property in 2017 with the help of a $10.3 million loan from Fulton Bank, also secured by D2 Capital Advisors.

READ ALSO: Sluggish Sales and Refinancings Cast Doubt Over Property Values

Completed on an 18-acre site within the 340-acre Providence Corporate Center, the four-story building used to be fully leased to Iron Mountain. In 2020, the owner came to an agreement with the tenant on a buyout of the lease that had several years left of its term.

The ownership plans to re-tenant the vacant office building, also having the possibility to build another 80,000-square-foot, on-site property. Cadence Real Estate Advisors’ Brendan Kelley and Ken Kearns are the listing agents.

Situated 1 mile from Providence Town Center shopping mall, the property is just north of Route 422, providing easy access to downtown Philadelphia.

In another recent financing deal, TriState Capital Bank has provided Ensemble Investments with funds for the acquisition of two office buildings totaling 203,887 square feet in Wayne, Pa. CBRE secured the financing.

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