PHILADELPHIA, PA — D2 Capital Advisors arranged a $17.75 million first mortgage loan for Swedesford Crossing, refinancing existing debt on a Wayne office complex in a transaction that shows select suburban office properties can still attract institutional capital despite a difficult lending market for the sector.
The five-year, fixed-rate loan was provided by Morgan Stanley on behalf of Balashine Properties, the owner of the two-building property at 480 and 500 E. Swedesford Road.
The loan carries full-term interest-only payments and a non-recourse structure. Financial terms beyond the loan amount were not disclosed.
Swedesford Crossing totals 110,361 square feet and is classified as a Class A office complex.
The financing retires the property’s floating-rate bridge debt and returns equity to ownership, according to D2 Capital Advisors.
D2CA’s Jack Cortese and David Frankel led the transaction, running a competitive marketing process that generated multiple term sheets from lenders before Morgan Stanley was selected.
“Swedesford Crossing is exactly the kind of office asset that still commands institutional capital — a well-located, meticulously maintained property anchored by long-term corporate headquarters tenancy,” Cortese stated.
Originally built in 1975 and fully renovated in 2007, Swedesford Crossing serves as the corporate headquarters of Affiliated Distributors, which occupies space under a long-term lease.
Balashine Properties acquired the property in 2021 and pursued a value-add strategy during a period when office investment demand was under pressure.
Recent leasing activity includes Affiliated Distributors’ 2026 expansion and additional new and renewed commitments in the 480 building, according to D2CA.
“This closing reflects our conviction in Swedesford Crossing and the strength of our tenant relationships,” Garett Shiner, president of Balashine Properties, stated.
The financing highlights the divide in the office market, where lenders remain cautious overall but continue to back properties with stable tenancy, stronger submarket positioning and institutional sponsorship.
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