December 18, 2020
PGIM Real Estate has provided an $81.7 million Fannie Mae loan to CEDARst Companies for the refinancing of The Draper, a 342-unit apartment complex located in the North Side’s Uptown neighborhood. The property is the redevelopment of a 1950s office building that CEDARst began converting to apartment units when it acquired the asset in 2018.
“This was a complex transaction, structured as a Fannie Mae Near-Stabilization Tier 2 loan,” said Craig Foreman, VP at PGIM Real Estate. “CEDARst—an existing PGIM Real Estate client—is the type of partner you need to successfully execute a deal like this in the current market environment. We were thrilled to have the opportunity to work with them again and to be associated with The Draper.”
The fixed-rate loan has a 12-year term with six years of interest only. Foreman led the transaction along with Lee McNeer, executive director at PGIM Real Estate.
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