Draper and Kramer, Incorporated, a national full-service real estate firm, announced that a team led by Dan Freedman and Chris Beck, both senior vice presidents with the firm's Commercial Finance Group (CFG), recently brokered 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 The Ash Edgewater, a 56-unit multifamily property in Chicago's Edgewater neighborhood.
The Ash, located at 1101 W. Berwyn Ave. in Chicago, received a $14 million bridge loan secured by Draper and Kramer's CFG on behalf of the developer. The loan carries a two-year initial term with 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.
Freedman noted that lenders recognize value in highly desirable assets in good locations, and that the firm was able to tap into its lender relationships to help clients find favorable terms for their capital. Draper and Kramer, founded in 1893 and headquartered in Chicago, operates as a family-owned real estate services firm with a national reach. Its Commercial Finance Group maintains longstanding partnerships with more than 25 life insurance companies, including some relationships dating back more than a century.
The announcement does not disclose the identity of the developer behind The Ash Edgewater, the specific lender or lenders involved in either transaction, or the interest rates and other financial terms beyond the loan amounts and the bridge loan's term structure. The source also does not provide the acquisition price for the Bridgeview industrial complex or the total capitalization of The Ash Edgewater project, leaving the full financial picture of these deals incomplete.