Balashine Properties Secures $17.75 Million Refinancing in Wayne

The five-year, fixed-rate loan, provided by Morgan Stanley, offers Balashine Properties a non-recourse structure and full-term interest-only payments. This deal stands out in a market where office lenders frequently demand amortization or recourse. Jack Cortese and David Frankel of D2 Capital Advisors steered the transaction, navigating a competitive bidding process that ultimately favored Morgan Stanley for its pricing and execution certainty.

Originally constructed in 1975 and renovated in 2007, the complex serves as the headquarters for Affiliated Distributors. Balashine Properties, which acquired the site in 2021, has seen its value-add strategy validated by recent leasing momentum, including a 2026 expansion by the anchor tenant. By replacing floating-rate bridge debt with this stable capital, the ownership group maintains its position in the competitive King of Prussia and Wayne submarket while returning equity to its sponsors.