CHICAGO - (April 06, 2023)
CHICAGO (April 6, 2023) — Draper and Kramer, Incorporated, a national full-service real estate firm, today announced a team led by Vice President Mark Perkowski of Draper and Kramer’s Commercial Finance Group (CFG) has 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, Ind. 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.
Located at 9123 Cleveland St., Prairie Point and The Reserve was built between 2002 and 2015, with most recent renovations taking place in 2018. The Class A property features townhome-style apartments with private entrances, attached or detached garages, Frigidaire kitchen appliances, fireplaces, in-unit laundry and large walk-in closets. Community amenities include a clubhouse, fitness center, resort-style heated pool, sundeck, playground, regulation-sized sand volleyball court, additional shared laundry facilities and an on-site property management team.
Situated just north of West 93rd Ave., Prairie Point and The Reserve is approximately 40 miles southeast of the Chicago Loop and offers easy access to Merrillville’s various shopping, dining, and entertainment options as well as historic downtown Crown Point. The property is located two miles south of U.S. Route 30’s retail corridor and three miles from the on-ramp to Interstate 65, a north/south artery connecting to major Midwest cities including Indianapolis and Chicago.
“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. It was a pleasure working with them on this transaction.”
Chicago-based Weiss Entities develops, invests, and manages a portfolio of properties across Chicago and Northwest Indiana. The firm’s portfolio comprises $300 million of assets under management across 1.1 million square feet.
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:
Commercial Observer, ConnectCRE, Multi-Housing News, REBusiness Online
Draper and Kramer’s Commercial Finance Group (CFG) has arranged a $54 million non-recourse balance sheet refinance loan on behalf of Weiss Entities for Prairie Point and The Reserve at Prairie Point, which make up a 440-unit luxury apartment community in Merrillville, Ind.
