December 12, 2018
CEDARst Companies has secured nearly $116 million in financing, including $41 million of equity, for The Draper at 5050 N. Broadway, a mixed-use development in the North Side’s Uptown neighborhood. A JLL capital markets team led by Chuck Johanns and Dave Hendrickson arranged a $61.25-million construction loan from Bank OZK, as well as $13 million in mezzanine financing.
The financing will enable CEDARst to proceed with the project’s first phase, converting a former 400,000-square-foot office building into a 342-unit rental property. It’s slated to open next spring, with work on phase two commencing in 2020.
The developer has other residential projects in the works on the North Side ,as well as downtown and on the West Side. “We still remain bullish on the stuff we’re doing downtown, but candidly it is easier” on the North Side, CEDARst’s Will Murphy told Crain’s Chicago Business. “There’s just less competition.”
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