Chicago & Midwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Chicago & Midwest  + North Side  + Finance  | 

PGIM RE Provides $82M Refi on Uptown Redevelopment

PGIM Real Estate has provided an $81.7 million Fannie Mae loan to CEDARst Companies for the refinancing of The Draper, a 342-unit apartment complex located in the North Side’s Uptown neighborhood. The property is the redevelopment of a 1950s office building that CEDARst began converting to apartment units when it acquired the asset in 2018.

“This was a complex transaction, structured as a Fannie Mae Near-Stabilization Tier 2 loan,” said Craig Foreman, VP at PGIM Real Estate. “CEDARst—an existing PGIM Real Estate client—is the type of partner you need to successfully execute a deal like this in the current market environment. We were thrilled to have the opportunity to work with them again and to be associated with The Draper.” 

The fixed-rate loan has a 12-year term with six years of interest only. Foreman led the transaction along with Lee McNeer, executive director at PGIM Real Estate.

For comments, questions or concerns, please contact Paul Bubny

Connect

Inside The Story

Connect With PGIM Real Estate’s Foreman

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

  • ◦Financing
AvatarFinancialGroup-04-cube
New call-to-action
New call-to-action
New call-to-action