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Draper and Kramer has arranged a $14.875-million non-recourse refinance and construction loan for a three-phase student housing community in Normal, IL

Draper and Kramer Provides Refi, Construction Loan on ISU Student Housing

A team led by SVP Matthew Wurtzebach of Draper and Kramer’s Commercial Finance Group  has arranged a $14.875-million non-recourse refinance and construction loan on behalf of 100 McKnight, LLC for The Park at Constitution Trail Centre, a three-phase student housing community located at 120 McKnight Dr. in Normal, IL. The financing retired the existing debt on the first two phases of The Park, and provided 100% LTC on the remaining phase three construction. 

The Park at Constitution Trail Centre is an off-site, purpose-built community serving students at Illinois State University. The initial two phases, which were delivered in stages between 2019 and 2022, include 204 fully leased beds. Phase three will offer an additional 76 beds upon completion and is expected to be available for occupancy by August 2023. 

“The Park is an exceptional asset, filling demand for quality, new-construction student housing in the ISU market,” said Wurtzebach. 

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Draper and Kramer's Wurtzebach

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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