MRA Group Secures $63M in Additional Financing for the Continued Redevelopment of Chestnut Run Innovation and Science Park
August 16, 2023
Wilmington, DE - MRA Group (MRA), a privately held real estate development and client services firm, announced it has secured $63M in additional debt for the ongoing redevelopment of Chestnut Run Innovation & Science Park (CRISP), the 164-acre, 14-building campus which is quickly becoming northern Delaware’s premier applied sciences hub. The favorable financing secured in the current debt market reflects the caliber of MRA’s portfolio and strength of MRA’s relationships with financial partners. Fulton Bank in conjunction with Nuveen Green Capital through C-Pace financed $50M, while the remaining $13M 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, but undoubtedly a program that will gain traction for the organization given their commitment to developing energy efficient buildings. “It was a pleasure to work with MRA Group and Fulton Bank on this major deal,” said Nuveen Green Capital Senior Director of Originations Shelah Wallace. “We are excited to see the energy efficient developments at CRISP.”
“The potential for CRISP and its impact on the Wilmington region is very exciting,” said Fulton Bank Vice President of Commercial Real Estate Bill Grasso. “We are happy to continue working with MRA Group and supporting this growing project.”
MRA 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.
About MRA Group
MRA Group (MRA), based in Horsham, PA, is a privately-held, vertically integrated real estate development and client services firm servicing the healthcare, higher education and life sciences sectors. Founded in 1991 by CEO and founding partner, Lawrence J. Stuardi, MRA prides itself on maintaining the same high level of integrity and excellence that led to its recognition as one of the most respected real estate firms in the mid-Atlantic region. With 32 years of value-add and ground-up development experience, along with providing a full suite of real estate solutions to our clients, MRA has developed and continues to manage more than 4.5M square feet of medical, life sciences and office real estate, and has structured over $2B of financial transactions. A few recent and notable development projects include Chestnut Run Innovation and Science Park, Spring House Innovation Park, the Holy Redeemer Medical Building at 201 Veterans Way, the Lab at the University of Pennsylvania’s Pennovation Works Campus, and TEK Park among others. Learn more at www.mragroup.net.