(MENAFN- PR Newswire)
The construction financing was arranged by Philadelphia-based D2 Capital Advisors' Jack Cortese, David Frankel, and John Lightcap. The financing was provided by WSFS bank and Nuveen Green Capital.
Located within the affluent Greenville suburb of Wilmington, the new hotel will be surrounded by an established and growing cohort of corporations. Immediately adjacent is both DuPont and Corteva's global headquarters. The hotel will also serve various corporations within CRISP, including Prelude Therapeutics, Solenis, and Celanese. The hotel benefits from its location in the Brandywine Valley attracting leisure demand related to tourism, sports, and events.
MRA Group acquired the property in December 2021 and began a phased redevelopment of the CRISP campus, which will eventually total over 13 million square feet. MRA Group has already repositioned CRISP into the First State's premier center for scientific innovation and advanced production. MRA then partnered with Gulph Creek Hotels for the Residence Inn by Marriott development and with D2 Capital Advisors to structure the construction financing for the hospitality asset.
"D2's hotel financing experience and creativity in structuring the capital stack were extremely valuable to us throughout the financing process," said Phil Butler, Executive Vice President & Partner of MRA Group. "Their team's flexibility, determination, and understanding of our objectives were significant drivers in D2's ability to structure the financing in this complex lending environment."
The capital stack was comprised of senior bank debt, C-PACE, subordinate D-PACE, and partner equity.
"Having a strong established sponsor in MRA Group and Gulph Creek Hotels with experience and a track record of success was fundamental in securing hotel construction financing" said Jack Cortese, Vice President of D2 Capital Advisors. "Still, the multilayered capital stack presented hurdles that we, the sponsor, and the lenders, were collectively able to overcome and deliver a cost efficient and flexible financing solution."
Construction is set to begin this month with a projected delivery date in the Summer of 2026. IMC Construction is serving as the construction manager.
ABOUT D2 Capital Advisors
D2 Capital Advisors is the transaction advisory affiliate of D2 Organization that arranges and structures real estate debt and equity financing for developers and investors throughout the United States.
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SOURCE D2 Capital Advisors
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