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Chicago & Midwest  + Midwest  + Apartments  |  June 12, 2023
Jasmine Kilman
By: Jasmine Kilman

Drever Partners Secures $15.75M for Workforce Housing Complex

Drever Partners closed a $15.75 million permanent 10-year loan with Franklin Templeton on The Penleigh – Branson Row apartments. The property is a former hotel located at 76 Country Blvd. in Branson, Missouri. The company’s mission is to provide affordable apartments in communities with workforce housing needs.

CoreVest Finance, a division of Redwood Trust, Inc., provided the original financing and construction loan for the renovation. The loan was a 60% loan total value (LTV) permanent first loan. Due to the expanding Branson economy and constrained housing factors, Drever Partners is also raising capital for The Penleigh – Live Oak, which adjoins The Penleigh – Branson Row. The project is converting the former 143-key Hall of Fame Motel into 138 micro apartments.

“Thanks to The Penleigh – Branson Row’s incredible performance, new investors have an opportunity to experience repeated success in our second Branson property,” said Drever Partners’ Managing Galen Drever.

Meet industry experts at the upcoming Connect Midwest: Multifamily and Adaptive Reuse Trends, which takes place June 13, 2023 at the W Chicago City Center Hotel. Click here for more information and to register.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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