Chicago & Midwest + North Side + Finance | December 12, 2018

CEDARst Lands $116M Financing for Uptown MXU

CEDARst Companies has secured nearly $116 million in financing, including $41 million of equity, for The Draper at 5050 N. Broadway, a mixed-use development in the North Side’s Uptown neighborhood. A JLL capital markets team led by Chuck Johanns and Dave Hendrickson arranged a $61.25-million construction loan from Bank OZK, as well as $13 million in mezzanine financing.

The financing will enable CEDARst to proceed with the project’s first phase, converting a former 400,000-square-foot office building into a 342-unit rental property. It’s slated to open next spring, with work on phase two commencing in 2020.

The developer has other residential projects in the works on the North Side ,as well as downtown and on the West Side. “We still remain bullish on the stuff we’re doing downtown, but candidly it is easier” on the North Side, CEDARst’s Will Murphy told Crain’s Chicago Business. “There’s just less competition.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).

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