CEDARst Companies has refinanced the Draper, located at 5050 N. Broadway Avenue, with an $81,720,000 Fannie Mae loan, arranged by PGIM Real Estate. The Chicago-based real estate development firm redeveloped the 342-unit apartment complex in 2019.
“Despite the challenging capital markets landscape this year, we are grateful for the expert guidance and solutions PGIM Real Estate has been able to offer Cedar Street over the years,” said Erik Larson, managing director of finance. This is CEDARst Companies fourth loan from PGIM Real Estate, which helped secure this important financing for the property.
Redevelopment of the Draper turned a largely vacant, mid-century office building into amenity-rich apartments with features like the expansive roof deck with outdoor pool and city and lake views. The property, located in Chicago’s Uptown neighborhood, is managed by FLATS, CEDARst Companies’ property management brand.
“CEDARst is the type of partner you need to successfully execute in the current market environment,” said Craig Foreman, vice president at PGIM Real Estate who led the refinancing on the firm’s behalf. “CEDARst builds an incredible product with design that is second to none. We are thrilled to be associated with The Draper and look forward to working on more CEDARst projects in the future.”
Since completing the Draper, CEDARst Companies has gone on to complete additional developments including the second phase of the Bush Temple, which added 129 brand-new apartments to the existing historic building which was renovated by the firm in 2017. Additionally, they completed the redevelopment of the Duncan, an apartment complex in West Loop with 260 apartments. Originally built between 1907 and 1928, CEDARst meticulously restored historic details including the basketball court, indoor pool, plus a brand-new gym with boxing ring, lobby with coffee shop and more than four unique outdoor spaces. The Duncan was recently awarded with a Preservation Excellence Award from the city’s Commission on Chicago Landmarks.