Draper and Kramer, Incorporated announced a team led by Senior Vice President Matthew Wurtzebach of Draper and Kramer’s Commercial Finance Group (CFG) has arranged a $14.875 million non-recourse refinance and construction loan on behalf of 100 McKnight, LLC for The Park at Constitution Trail Centre, a three-phase student housing community at 120 McKnight Drive in Normal, Illinois. The financing retired the existing debt on the first two phases of The Park, and provided 100% LTC on the remaining phase three construction.
The Park at Constitution Trail Centre is an off-site, purpose-built community serving students at Illinois State University. The initial two phases, which were delivered in stages between 2019 and 2022, include 204 fully leased beds. Phase three will offer an additional 76 beds upon completion and is expected to be available for occupancy by August 2023 for the 2023-2024 school year. When complete, the project will contain a total of 280 beds across 13 apartment- and townhouse-style buildings.
Located less than 10 minutes from the Illinois State campus, The Park offers residents numerous unit, community and locational amenities. Spacious and less dense by design, units come fully furnished and have a 1:1 bed/full bath ratio. All units have stainless steel appliances, full-size in-unit washer/dryers, brushed nickel finishes, smart thermostats, Ring camera doorbells and high-speed internet/cable. The apartments surround a large central private park and resort pool amenity area featuring lounge pavilions complete with TVs, furniture, outdoor grills and a fire pit. The community is nestled along and connected to the Constitution Trail, one of the most used and prized outdoor amenities in the area. The paved, 40-mile running, walking, biking and hiking trail runs from the old Illinois Central Gulf Railroad through Normal and Bloomington, Illinois, and also provides quick, direct access to Illinois State University from The Park.