Weiss Lands $54M Refi for Chicago-Area Community
Draper and Kramer Inc. arranged the loan for the luxury property.
Weiss Entities has secured a $54 million refinancing loan for Prairie Point and The Reserve at Prairie Point Apartments, a 440-unit luxury multifamily community in Merrillville, Ind. Draper and Kramer Inc. arranged the five-year, fixed-rate non-recourse loan through Protective Life Insurance Co., the firm’s correspondent life insurance company lenders. In 2018, the property underwent renovations and also became subject to a $44.9 million Fannie Mae loan originated by PNC Bank, according to Yardi Matrix data.
Built between 2002 and 2015, Prairie Point incorporates 30 townhome buildings with one- and two-bedroom apartments ranging between 753 and 1,383 square feet. Common-area amenities include a fitness center, a swimming pool, a playground, a clubhouse, a volleyball court, a sundeck, laundry facilities and parking spaces. Units offer washers and dryers, walk-in closets, kitchen appliances, fireplaces, security systems and balconies or patios. The Class A property also features housekeeping, courtesy valet, parcel delivery, as well as on-site management and maintenance.
The community is located at 9123 Cleveland St. in metro Chicago’s Gary South submarket. The Reserve at Prairie Point is situated near the intersection of Route 30 and Interstate 65, which provide direct access to downtown Chicago. Several retail centers and dining options are located near the community, such as Southlake Mall.
Vice President Mark Perkowski of Draper and Kramer’s Commercial Finance Group led the team which secured the financing. Last year, the firm completed the construction of a 225-unit multifamily community in St. Louis, Mo. A $44.4 million HUD loan was provided by Gershman Mortgage.