Semiconductor device and method of forming wafer-level multi-row etched leadframe with base leads and embedded semiconductor die

A semiconductor device has a base substrate with first and second opposing surfaces. A plurality of cavities and base leads between the cavities is formed in the first surface of the base substrate. The first set of base leads can have a different height or similar height as the second set of base leads. A concave capture pad can be formed over the second set of base leads. Alternatively, a plurality of openings can be formed in the base substrate and the semiconductor die mounted to the openings. A semiconductor die is mounted between a first set of the base leads and over a second set of the base leads. An encapsulant is deposited over the die and base substrate. A portion of the second surface of the base substrate is removed to separate the base leads. An interconnect structure is formed over the encapsulant and base leads.