PGIM Real Estate Provides $81.7M Fannie Mae Loan for Refinancing of Chicago Apartment Complex
CHICAGO — PGIM Real Estate has provided an $81.7 million Fannie Mae loan for the refinancing of The Draper, a 342-unit, 11-story apartment complex in Chicago’s Uptown neighborhood. CEDARst Cos. was the borrower. The Draper is a redevelopment of an office building dating back to the 1950s. CEDARst began converting the building into apartments in 2018 and completed renovations in 2019. Of the property’s 342 units, 10 percent are reserved for residents earning up to 60 percent of the area median income. The fixed-rate loan has a 12-year term with six years of interest-only payments. Craig Foreman and Lee McNeer of PGIM Real Estate originated the loan. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.4 trillion global investment management business of Prudential Financial Inc.