Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Draper and Kramer Arranges $54M Financing for Merrillville Luxury Multifamily
VP Mark Perkowski of Draper and Kramer’s Commercial Finance Group arranged a $54-million loan on behalf of Weiss Entities for Prairie Point and The Reserve at Prairie Point Apartments, a 440-unit luxury apartment community in Merrillville, IN.
The balance sheet non-recourse loan provided a competitive five-year fixed rate with flexible prepayment. The loan was funded by one of Draper and Kramer’s correspondent life insurance company lenders.
“We were able to leverage Draper and Kramer’s deep roster of correspondent lenders to secure a non-recourse loan with competitive pricing and flexible prepayment, a combination that is nearly impossible to source from agency lenders and banks,” said Perkowski. “The Weiss team’s dedication to high-quality maintenance, timely upgrades and professional management was integral to the successful closing.”
Chicago-based Weiss Entities develops, invests, and manages a portfolio of properties across Chicago and Northwest Indiana.
- ◦Financing
