Joint Venture Receives $145 Million Loan for The Mercato

Naples, Fla. — The 14-building development includes 320,000 square feet of retail and 136,000 square feet of office space.

Naples, Fla. — A joint venture between Madison Marquette Retail Enhancement Fund, Barron Collier Cos. and The Lutgert Cos. has received $145 million in refinancing for The Mercato in Naples. The 456,000-square-foot mixed-use development includes 320,000 square feet of retail and 136,000 square feet of office space,. Built in 2009, the 14-building project is more than 85 percent leased. Retail anchors include Whole Foods Market, Silverspot Theatre and Nordstrom Rack.

Mark Remington, Chris Drew and Jordan Lex with HFF arranged the five-year, floating-rate bridge loan on behalf of the joint venture through Dan Martin and Andy McLay at GE Capital Real Estate.

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