CHICAGO, IL—CEDARst Companies has secured financing on The Draper, 5050 N. Broadway, a mixed-use development project in Chicago's Uptown neighborhood.

The recent closing allows CEDARst to complete Phase I of a planned two-phase development. Total project costs for the development of Phase I are estimated at $115.45 million. CEDARst raised $41 million of project equity.

Jones Lang LaSalle Capital Markets experts secured a $13 million structured finance piece provided by Urbanite Capital and a $61.25 million construction loan from Bank OZK. Executive vice president Chuck Johanns and managing director Dave Hendrickson led the JLL team handling the financing on behalf of CEDARst.

“CEDARst is delivering top quality multifamily into a highly occupied submarket at a great cost basis, and their vision and strategy really resonated with the lending community,” says Johanns.

CEDARst is working to convert the former 400,000 square foot office building into 342 amenity rich residential units, managed by its well-recognized brand, FLATS. Work is progressing on schedule, with Pepper Construction serving as the general contractor of record. Slated for a summer 2019 opening, installation of the glass curtain wall has started, and demo of an expansive new courtyard is almost complete. The concrete structural shell of an outdoor pool has been installed on the planned seventh-floor rooftop terrace with more than 10,000 square feet of amenity space planned throughout the building. And, the eagerly-anticipated 12th floor restaurant's steel structural work has begun. Positioned along Broadway, this building is the tallest in the area, providing unobstructed city and lake views from this 12th floor addition.

In addition, the building will include a multi-level fitness center, co-working space, an activated public lobby, as well as multiple other commercial spaces on the ground level.

Booth Hansen is the project architect.

“This was a rare opportunity for us to renovate a tired office building into a vibrant apartment community, with extensive amenities and ground floor retail. The building has a great deal of history within the community, we were excited to restore it,” says Will Murphy, CEDARst managing partner.

Instant Insights /

Uptown's Largest Development Project Receives Financing as Excitement Builds

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