Draper and Kramer, Incorporated announced that a team led by Dan Freedman and Chris Beck, both senior vice presidents with the firm’s Commercial Finance Group, recently brokered two Chicago-area loans totaling $27.5 million. The transactions include a $13.5 million loan financing the acquisition of a three-building industrial complex in Bridgeview, a southwest suburb of Chicago, and a $14 million bridge loan for a 56-unit multifamily property in Chicago’s Edgewater neighborhood.
Located at 7705, 7715 and 7723 S. 78th Ave. in Bridgeview, the fully leased industrial complex spans more than 17 acres and features 37 docks, three drive-in doors and 54 parking stalls. The property currently serves as the headquarters for Chicagoland Quad Cities Express. Draper and Kramer’s CFG arranged the $13.5 million, seven-year loan on behalf of a joint venture between Curtis Ashton Partners and Burnham Industrial Partners. The loan was provided by a correspondent life insurance company that is one of Draper and Kramer’s long-time lending partners.
For the multifamily property, located at 1101 W. Berwyn Ave. in Chicago, Draper and Kramer’s CFG secured a $14 million bridge loan on behalf of the developer with a two-year initial term and an option to extend for an additional three years. The newly constructed property features two-bedroom units with high-end finishes, along with shared amenities including a rooftop deck, fitness center, coworking space and heated parking.
