MRA Group secures $63M in additional financing for the continued redevelopment of science hub
MRA Group (MRA) announced it has secured $63 million in additional debt for the ongoing redevelopment of Chestnut Run Innovation & Science Park (CRISP), the 164-acre, 14-building campus that is quickly becoming northern Delaware’s premier applied sciences hub. 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,” said Phil Butler, executive vice president and partner at MRA. “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.”
MRA will use the funds for the continued redevelopment efforts at CRISP, which include renovated buildings for