Draper and Kramer Closes $94M Refinance for Fulton Market Multifamily Property

Draper and Kramer, Incorporated’s Bill Barry and Bill Stewart, both senior vice presidents with the firm’s Commercial Finance Group, have closed a $93.5 million refinance loan on behalf of Sterling Bay and Ascentris for The Elizabeth, a 28-story multifamily tower at 225 N. Elizabeth St. in Chicago’s Fulton Market.

“This deal is indicative of the strength of the multifamily market here in Chicago, where limited new inventory continues to drive rents at existing properties. It also demonstrates the appetite non-agency lenders have for financing high-quality multifamily deals,” said Barry.

Completed in 2024, the property includes 350 rental apartments and 10,000 square feet of street-level retail space. “Fulton Market is a high-velocity pocket that illustrates how the financing landscape is easing for the right opportunities in prime locations,” added Stewart. “That extends to refinance situations like The Elizabeth, where our clients were looking to swap out their current rate, as well as construction financing for new projects in areas where multifamily demand is growing.”

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