DOVER, DEL. — A joint venture has purchased seven office buildings from CD Realty Advisors Inc. in Dover for $30 million. Located at 800-861 Silver Lake Blvd., the office park is occupied by the largest concentration of government tenants in Dover. Moshe Mendlowitz of the Goldstone Group, Mark and Chesky Frankel of Lakestar, and west coast philanthropist Shlomo Rechnitz teamed up for the purchase. This deal adds another layer to what is in excess of $500 million in total square footage purchased by Lakestar properties. Rechnitz is the owner of Brius Health Care Services, the largest nursing home provider in California.
Shaya Ackerman of Eastern Union Funding arranged a $21.75 million loan from Ladder Capital, locking in three years of interest-only on a 10-year term, with a 30-year amortization schedule. According to Ackerman, the out-clauses in government leases present a risk that can complicate financing. He worked with Ladder Capital to minimize that risk.