MRA Group, a privately held real estate development and client services firm, has secured $63 million in additional debt for the ongoing redevelopment of Chestnut Run Innovation & Science Park (CRISP), the 164-acre, 14-building applied sciences hub in Northern Delaware. Fulton Bank in conjunction with Nuveen Green Capital through C-Pace financed $50 million, while the remaining $13 million was provided by WSFS Bank.
“Our continued relationship with Fulton and WSFS Bank, along with our new relationship with Nuveen Green Capital are testaments to the capital markets’ belief in the long-term vision of CRISP,” stated MRA Executive Vice President and Partner Phil Butler. “I’m very proud of our team’s ability to execute on creative capital structures that allow us to accomplish our goals, particularly during this challenging economic environment.”
The utilization of C-Pace financing via Nuveen is a first for MRA, which will use the funds for the continued redevelopment efforts at CRISP which include renovated buildings for lab, R&D, and advanced manufacturing. Additional plans for the campus include amenities such as a hotel, a fitness center, conference space, an outdoor amphitheater and accommodations for food services.
