Berkadia Arranges $56M for IL Mixed-Use Development
- Oct 11, 2018
Marquette Cos. received $56 million in financing for the Water Street District, a mixed-use development along the Naperville Riverwalk in Naperville, Ill., to transition from the project’s construction phase to get ready for market. Berkadia’s Hotels & Hospitality group arranged the loan on behalf of Marquette Cos. through Voya Financial.
“Marquette created an exceptional destination with the Water Street District and Voya recognized this unique opportunity to diversify with a mixed-use space in a strong performing market,” Matthew Dower, Berkadia’s director, said in a prepared statement. “Lending in commercial real estate is increasingly competitive, with a spectrum of players—from life companies to private equity to banks—seeking opportunities.”
A finalist for the ULI Vision Award, the Water Street District features 14,800 square feet of Class A office space, a 158-key Hotel Indigo and 40,000 square feet of high-end retail shops and restaurants on the Riverwalk.
The property boasts a European style plaza, a Boilini-designed fountain and numerous artistic murals. There’s also a 520-car parking facility offering numerous charging stations for electric cars.
“The market for assets like multifamily or industrial space is particularly crowded, so we’re seeing more firms, especially insurance companies like Voya, look to the bridge space for competitive returns on a shorter timeline and find success,” Dower said.
In May, Berkadia’s Hotels and Hospitality Group arranged $81 million in acquisition financing for the acquisition of Hyatt Centric Arlington, a full-service hotel in the Rosslyn District of Arlington, Va.
Image courtesy of Berkadia