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D2 Capital Advisors has arranged $23.5m in construction financing for a new Residence Inn by Marriott hotel in Chestnut Run Innovation & Science Park (CRISP) in Wilmington, Delaware, US.
The extended stay hotel is a project by CRISP Hotel Partners, a collaboration between MRA Group and Gulph Creek Hotels.
The hotel will occupy 90,000ft² of space and will have 127 keys.
The financing for this development was arranged by D2 Capital Advisors’ team members Jack Cortese, David Frankel, and John Lightcap.
WSFS Bank and Nuveen Green Capital are providing the financial backing for the project.
MRA Group executive vice president & partner Phil Butler said: “D2’s hotel financing experience and creativity in structuring the capital stack were extremely valuable to us throughout the financing process.
“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 upcoming hotel will be situated in the Greenville suburb of Wilmington adjacent to a community of corporations, including DuPont and Corteva’s global headquarters.
It aims to serve various businesses within CRISP, such as Prelude Therapeutics, Solenis, and Celanese, while also drawing leisure visitors to the Brandywine Valley.
In December 2021, MRA Group acquired the property and initiated the phased redevelopment of the CRISP campus, which is expected to exceed 1.3 million ft².
The company has transformed CRISP into the centre for scientific innovation and advanced production.
The funding structure includes senior bank debt, C-PACE (Commercial Property Assessed Clean Energy), subordinate D-PACE (Delaware PACE), and partner equity contributions.
Construction is anticipated to start in January 2025, with an expected completion date in Summer 2026.
IMC Construction has been appointed as the construction manager for this endeavour.
D2 Capital Advisors vice president Jack Cortese said: “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.
“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.”
“D2 Capital Advisors secures $23.5m for Residence Inn in Wilmington ” was originally created and published by Hotel Management Network, a GlobalData owned brand.
