Draper & Kramer Refinances 740-Unit Lake Shore Drive Apartment Complex For $84M

Draper & Kramer, a Chicago-based developer, secured an $84 million refinance from Walker & Dunlop for its 740-unit apartment complex at 1350-1360 North Lake Shore Drive. The Gold Coast property, owned for many years by Draper, closed the refi on Dec. 15 with a relatively low debt load.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $84,000,000
• Units: 740
• Lender: Walker & Dunlop - Willy Walker
• Landlord: Todd Bancroft - Draper & Kramer

The refinance deal for the 740-unit apartment complex at 1350 North Lake Shore Drive in Chicago was successfully closed on December 15, 2023. Draper & Kramer, the owner of the Gold Coast property, secured an $84 million loan from Walker & Dunlop. Notably, the refinance was completed with a relatively low debt load, reflecting the financial strength of the property.