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Draper & Kramer Refinances 740-Unit Lake Shore Drive Apartment Complex For $84M
FINANCED
$84,000,000
Illinois
See Similar DealsMultiFamily
Financed 12/15/2023
FINANCED
Draper & Kramer Refinances 740-Unit Lake Shore Drive Apartment Complex For $84M
1350 North Lake Shore Drive
See Similar DealsMultiFamily
Financed 12/15/2023
Summary
ILLINOIS
Asset Type:MultiFamily
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$84,000,000.00
Monthly NOI$560,000.00
Monthly Debt Service$530,937.14
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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