CHICAGO - (January 13, 2023)
Draper and Kramer, Incorporated, a national full-service real estate firm, today announced a team led by Senior Vice President Matthew Wurtzebach of Draper and Kramer’s Commercial Finance Group (CFG) 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 at 120 McKnight Drive in Normal, Ill. 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 for the 2023-2024 school year. When complete, the project will contain a total of 280 beds across 13 apartment- and townhouse-style buildings.
Located less than 10 minutes from the Illinois State campus, The Park offers residents numerous unit, community and locational amenities. Spacious and less dense by design, units come fully furnished and have a 1:1 bed/full bath ratio. All units have stainless steel appliances, full-size in-unit washer/dryers, brushed nickel finishes, smart thermostats, Ring camera doorbells and high-speed internet/cable. The apartments surround a large central private park and resort pool amenity area featuring lounge pavilions complete with TVs, furniture, outdoor grills and a fire pit. The community is nestled along – and connected to – The Constitution Trail, one of the most used and prized outdoor amenities in the area. The paved, 40+ mile running, walking, biking and hiking trail runs from the old Illinois Central Gulf Railroad through Normal and Bloomington, Ill., and also provides quick, direct access to Illinois State University from The Park.
“The Park is an exceptional asset, filling demand for quality, new-construction student housing in the ISU market,” said Wurtzebach. “The sponsorship team understands what students want. Despite current capital market challenges, we were able to arrange non-recourse financing that leveraged the created value in the existing phases to fully fund construction of the third phase.”
About Draper and Kramer, Incorporated
Founded in 1893, Draper and Kramer, Incorporated, is a trusted financial and property services provider with a deep commitment to people, excellence, service and integrity spanning more than 125 years. Family-owned and one of the leading privately held real estate services firms in the U.S., Draper and Kramer is headquartered in Chicago with a national reach and broad offering of services. The company’s decades-long heritage has evolved over the years and today spans expertise in residential and commercial development, acquisition, property management and leasing; debt and equity financing for commercial properties; and residential mortgage services through affiliate Draper and Kramer Mortgage Corp. Draper and Kramer provides a single source of real estate-related counsel to a diverse group of real estate investors across the U.S., including corporations; private and institutional owners and users of real estate; government agencies; and foundations. For more information, visit www.draperandkramer.com.
About the Commercial Finance Group (CFG)
For more than 125 years, Draper and Kramer, Incorporated, has sourced commercial real estate debt and equity used to acquire, develop, renovate, refinance and recapitalize assets across property sectors and markets throughout the U.S. Today, through its Commercial Finance Group (CFG), the company continues that tradition with innovative financing solutions at all levels of the capital stack that are offered to third-party clients and used by Draper and Kramer for its own investments. As a service- and relationship-driven business, CFG prides itself on longstanding partnerships with more than 25 life insurance companies, some of which date back more than a century. For more information, visit www.draperandkramer.com/what-we-do/commercial-finance-group/.
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Editors:
For more information, contact Jeremy Barewin, [email protected], (312) 267-4533.
Media Coverage:
Bisnow, ConnectCRE, REBusiness, REjournals, Student Housing Business
Draper and Kramer’s Commercial Finance Group (CFG) 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 in Normal, Ill.
