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EverWest Acquires 3 Beaver Valley Road Wilmington, DE
April 21, 2015
EverWest Real Estate Partners is pleased to announce the closing of a new mezzanine loan. The EverWest mezzanine loan, along with a senior mortgage and cash equity from Medistar Corporation (the "Sponsor"), were used to finance the acquisition of 3 Beaver Valley Road in Wilmington, DE (the "Property").
The Property consists of a 5-story, 263ksf, class A-office building, a 3-story parking garage plus an additional 578 surface parking spaces. The Property is 95% occupied with long-term leases to Farmers Insurance Exchange and Solenis, LLC. The building underwent significant refurbishments in 2014, making the remaining vacant space at the building one of the most attractive available spaces in the market, which has a long history of relatively low vacancy.
Situated on 18 acres, the Property backs up to the Brandywine Creek State Park in the Northern New Castle County sub-market of Wilmington, DE, which is within northern Delaware's executive housing stock, 25 miles from Philadelphia.
Tom McCahill, Managing Director, comments, "EverWest is excited to have had the opportunity to invest in 3 Beaver Valley Road alongside Medistar as the Sponsor. The Property is a high quality asset in an excellent location and given the characteristics of the local market, the asset should continue to attract corporate users over the long term."
Craig Laher of Medistar, commented, "It was a pleasure to work with EverWest as our mezzanine debt lender. They were easy to work with and executed extremely well, particularly given the tight time sensitive nature of the acquisition financing."