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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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