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Berkadia Lands Bridge Loan for Naperville MXU
Berkadia’s Hotels & Hospitality group has arranged a $56-million bridge loan on the Water Street District, a mixed-use development along the Naperville Riverwalk in Naperville, IL. The group secured the financing for Marquette Companies through Voya Financial. It will provide short-term financing, as the project exits the construction phase.
“Marquette created an exceptional destination with the Water Street District,” said Matthew Dower, director at Berkadia. “Voya recognized this unique opportunity to diversify with a mixed-use space in a strong performing market.”
Dower added that with CRE lending becoming “increasingly competitive” among a spectrum of contenders, “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.”
A finalist for the ULI Vision Award, the Water Street District totals more than 175,000 square feet. It features a 158-key Hotel Indigo, along with office and retail.
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