WILMINGTON, Del. , Jan. 23, 2025 /PRNewswire/ -- D2 Capital Advisors arranged $23,500,000 in construction financing for the development of a new Residence Inn by Marriott in Wilmington's Chestnut Run Innovation & Science Park (CRISP).
The 127-key, 90,0000 square foot extended stay hotel by Marriott is being developed by CRISP Hotel Partners LLC, a joint venture between MRA Group, a leading developer of life science campuses, and Gulph Creek Hotels, an experienced hospitality developer and operator. 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 Hotel.
