CHICAGO, IL – CEDARst Cos. has secured an $81.7 million Fannie Mae loan to refinance The Draper, a 342-unit apartment complex in Chicago's Uptown neighborhood. PGIM's real estate investment and financing business, PGIM Real Estate provided the loan.
CEDARst Cos. began redeveloping and converting the 1950's office building into a multifamily property, upon acquiring the asset in 2018. The renovations were completed in 2019.
The fixed-rate loan has a 12-year term, with six years of interest.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
