Marquette Cos. lands $56M loan on Naperville mixed-use complex
Voya Financial provided financing for the project, which includes a Hotel Indigo
Marquette Companies CEO Nick Ryan and The Water Street District (Credit: Marquette Companies and Hitchcock Design Group)
Marquette Companies secured a $56 million bridge loan on the Water Street District, a mixed-use development on the Naperville riverfront.
Voya Financial provided financing for the Naperville-based developer’s 175,000-square-foot project, which includes a 158-key Hotel Indigo, restaurants, retail, a parking garage and planned office space, according to Connect Media.
The project was 10 years and $93 million in the making, the Daily Herald reported last year after a dedication of the development.
The financing from Voya was arranged by Berkadia’s Hotels and Hospitality group.
Marquette earlier this year landed a $57 million loan for a 579-unit apartment complex in Elk Grove Village, and is developing a 263-unit rental building in Fulton Market.
Origin Investments and Randolph Street Realty Capital recently landed a $36 million refinancing for the 262-unit Iroquois Club Apartments in Naperville. [Connect Media] — John O’Brien