MRA Group secures $63 million debt for energy-efficient science campus

By Marisa Wong

Los Angeles, Aug. 16 – MRA Group announced it has secured $63 million of additional debt for the ongoing redevelopment of Chestnut Run Innovation & Science Park (Crisp), a 164-acre, 14-building applied sciences campus.

Fulton Bank, in conjunction with Nuveen Green Capital through C-Pace, provided $50 million of the favorable financing, while the remaining $13 million was provided by WSFS Bank.

The utilization of C-Pace financing via Nuveen is a first for the company but “undoubtedly a program that will gain traction for the organization given their commitment to developing energy efficient buildings,” according to a news release from MRA.

MRA will use the funds for the continued redevelopment efforts at Crisp, which include renovated buildings for lab, R&D and advanced manufacturing. Additional plans for the campus include amenities such as a hotel, a fitness center, conference space, an outdoor amphitheater and accommodations for food services.

MRA is a Horsham, Pa.-based privately held real estate development and client services firm focusing on the healthcare, higher education and life sciences sectors.

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