D2 Organization Completes Braskem Railyard at Delaware River Works
The D2 Organization (D2), a real estate development and investment firm, has completed construction of a 240-car railyard for Braskem – the largest thermoplastics polyolefins producer in the Americas and leading producer of biopolymers in the world.
The 13-acre, 240-car railyard is part of a 71-acre master-planned development owned by D2 that aims to spur economic activity by revitalizing underutilized industrial property. By bringing investment, environmental improvements and new infrastructure D2 is attracting new business activity and driving job creation in New Castle County, Delaware.
Braskem America was drawn to the railyard site due to its location and convenience to rail, and highway access. Located just 20 miles south of their U.S. headquarters in Philadelphia, PA, Braskem will use this railyard to service their neighboring production facilities located in Marcus Hook, Pennsylvania.
"Braskem needed a solution for improving rail access and thus facilitating additional rail capacity in order to optimize their distribution operations. The size and access of the Delaware River Works site allowed us to help them achieve those important objectives," said Keith J. Delaney, President of D2 Organization.
Mark Nikolich, Braskem America CEO commented, "Since 2010, Braskem has been a committed partner to the Delaware Valley's business and community development. Accordingly, we are proud to work with D2 around the economic redevelopment at the Delaware River Works. Our long-term rail-yard leasing agreement with D2 provides important enhancements to our transportation and logistics capabilities, contributing to the growth of our business and enabling Braskem to further support our operations across the region."
Construction financing for the Delaware River Works site was obtained by D2's transaction advisory team, D2 Capital Advisors (D2CA). D2CA secured a $19,995,000 loan to develop the railyard with financing provided by Fulton Bank.
"D2 executed their environmental remediation plan and demonstrated their knowledge of and commitment to the regulations set forth by the U.S. Environmental Protection Agency (EPA) and Delaware Department of Natural Resources and Environmental Control (DNREC) which gave us the security we needed to move forward with the project financing," said Bill Maeglin, Vice President at Fulton Bank.