D2 Capital Advisors Arranges $26,000,000 Permanent Financing for Chestnut Run Innovation & Science Park Lab and R&D Building in Wilmington, DE

WILMINGTON, Del., Feb. 25, 2025 /PRNewswire/ -- D2 Capital Advisors arranged $26,000,000 in permanent financing for a recently completed lab and R&D building in Wilmington's Chestnut Run Innovation & Science Park (CRISP). The 80,0000 square foot state-of-the-art life sciences project was developed by MRA Group, a leading developer of life science campuses.

The permanent financing was arranged by Philadelphia-based D2 Capital Advisors' Jack Cortese, David Frankel, and John Lightcap.

The new life sciences building was completed in December 2023 and is fully occupied by Prelude Therapeutics on a long-term lease.  Prelude Therapeutics is a clinical-stage precision oncology company developing innovative drug candidates targeting critical cancer cell pathways.

MRA Group, a recognized leader in the creation of incubator, production, and research & development laboratories acquired the campus from DuPont in November 2021 and began a phased redevelopment of CRISP into an ecosystem for innovative companies to grow.  The campus will eventually total over 1.3 million square feet of lab, R&D, and advanced manufacturing.  MRA Group has already repositioned CRISP into the First State's premier center for scientific innovation and advanced production. 

"D2's life sciences financing experience and strong lender relationships were extremely valuable to us throughout the financing process," said Phil Butler, Executive Vice President & Partner of MRA Group.  "This financing was an important milestone in our redevelopment plan for CRISP, which affords us increased financial flexibility and demonstrates a broader confidence in the region by the capital markets." 

"It's easy to see why Prelude chose the CRISP Campus and MRA as developer to deliver this highly functional and aesthetically pleasing wet and dry lab building" said Jack Cortese, Vice President of D2 Capital Advisors. "Still, most lenders are not aware of the positive attributes that Wilmington, DE has to offer to the life sciences community, so we spent a lot of time educating them on the sub-market, the tenant, and the surrounding tenancy."

CRISP sits along the I-95 corridor and is less than 40-minutes from Philadelphia.  The Philadelphia-MSA has a flourishing life sciences industry due to the area's wealth of talent, proximity to world-class research institutions and healthcare systems, and access to funding.

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.

For more information, please visit www.d2organization.com

SOURCE D2 Capital Advisors