Associated Bank recently finalized a commercial mortgage of $1.3 million for DRW Holdings for the acquisition of 1250 Dearborn Property, a 165-space valet-operated parking garage at 1250 N. Dearborn in Chicago.
Headquartered in Chicago, DRW Holdings was founded in 1992 by Donald R. Wilson Jr., as a proprietary trading firm specializing in market-making. Since then, Wilson has added 14 partners and currently has more than 480 employees with offices in New York and London. DRW created the DRW Real Estate Group in 2009 to take advantage of opportunistic investments when developers were unable to raise capital from lenders or traditional sources of capital. Under the leadership of David Nelson, DRW Real Estate Group has deployed more than $200 million in equity capital, and has invested in more than 35 properties in Chicago, Aspen, Florida, South Carolina, Arizona and more. .
Vice President Krista Casper, from the Commercial Real Estate division of Associated Bank in Chicago, managed the loan closing.