{"id":1004271071,"date":"2018-10-11T01:23:24","date_gmt":"2018-10-11T09:23:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004271071"},"modified":"2022-12-08T16:00:17","modified_gmt":"2022-12-09T00:00:17","slug":"berkadia-arranges-56m-for-il-mixed-use-development","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/berkadia-arranges-56m-for-il-mixed-use-development\/","title":{"rendered":"Berkadia Arranges $56M for IL Mixed-Use Development"},"content":{"rendered":"<p>By Keith Loria<\/p>\n<div id=\"attachment_1004271074\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/Water-Street-District.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004271074\" data-attachment-id=\"1004271074\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/berkadia-arranges-56m-for-il-mixed-use-development\/water-street-district\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/Water-Street-District.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Water Street District\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Water Street District&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/Water-Street-District.jpg?w=800\" class=\"wp-image-1004271074 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/Water-Street-District.jpg\" alt=\"Water Street District\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/Water-Street-District.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/Water-Street-District.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/Water-Street-District.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004271074\" class=\"wp-caption-text\">Water Street District<\/p><\/div>\n<p>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\u2019s construction phase to get ready for market. Berkadia\u2019s Hotels &amp; Hospitality group arranged the loan on behalf of Marquette Cos. through Voya Financial.<\/p>\n<p><em>\u201cMarquette 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,\u201d<\/em> Matthew Dower, Berkadia\u2019s director, said in a prepared statement. \u201c<em>Lending in commercial real estate is increasingly competitive, with a spectrum of players\u2014from life companies to private equity to banks\u2014seeking opportunities.\u201d<\/em><\/p>\n<p>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.<\/p>\n<h2>Amenity-rich property<strong><br \/>\n<\/strong><\/h2>\n<p>The property boasts a European style plaza, a Boilini-designed fountain and numerous artistic murals. There\u2019s also a 520-car parking facility offering numerous charging stations for electric cars.<\/p>\n<p><em>\u201cThe market for assets like multifamily or industrial space is particularly crowded, so we\u2019re seeing more firms, especially insurance companies like Voya, look to the bridge space for competitive returns on a shorter timeline and find success,\u201d<\/em> Dower said.<\/p>\n<p>In May, Berkadia\u2019s Hotels and Hospitality Group arranged $81 million in acquisition financing for the <a href=\"https:\/\/www.commercialsearch.com\/news\/sotherly-buys-81m-hyatt-centric-in-va\/\">acquisition of Hyatt Centric Arlington<\/a>, a full-service hotel in the Rosslyn District of Arlington, Va.<\/p>\n<p><em>Image courtesy of Berkadia<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The firm&#8217;s Hotels &amp; Hospitality group represented Marquette Cos. The refinancing comes as the construction of the Water Street District project nears completion.<\/p>\n","protected":false},"author":451,"featured_media":1004271074,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21808,21825,13,21752,21742],"tags":[32894,33857,42422,41033],"class_list":["post-1004271071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-featured","category-finance","category-midwest","category-mixed-use","category-latest","tag-berkadia","tag-hotel-indigo","tag-marquette-companies","tag-voya-financial"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Berkadia Arranges $56M for IL Mixed-Use Development - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/berkadia-arranges-56m-for-il-mixed-use-development\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Berkadia Arranges $56M for IL Mixed-Use Development\" \/>\n<meta property=\"og:description\" content=\"The firm&#039;s Hotels &amp; Hospitality group represented Marquette Cos. The refinancing comes as the construction of the Water Street District project nears completion.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/berkadia-arranges-56m-for-il-mixed-use-development\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-11T09:23:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T00:00:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/Water-Street-District.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/berkadia-arranges-56m-for-il-mixed-use-development\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/berkadia-arranges-56m-for-il-mixed-use-development\/\",\"name\":\"Berkadia Arranges $56M for IL Mixed-Use Development - 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