Drever Partners Receives $15.7M Loan for Refinancing of Micro Apartment Property in Branson, Missouri

by Kristin Harlow

BRANSON, MO. — Drever Partners has received a $15.7 million loan for the refinancing of The Penleigh-Branson Row in Branson. The property was formerly a hotel and was converted into 325 micro apartment units. The community leased up in nine months. Franklin Templeton provided the CMBS loan, which features a 10-year term and a 60 percent loan-to-value ratio. CoreVest Finance, a real estate investment lender and division of Redwood Trust Inc., provided the original financing and construction loan for the multifamily renovation. Drever Partners is now raising capital for The Penleigh-Live Oak, a project that will convert the former 143-room Hall of Fame Motel into 138 micro apartments. The property will adjoin The Penleigh-Branson Row.

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