Knighthead Funding provided a $32 million refinancing loan to The Drake Group for Cerca, a newly constructed, 62-unit multifamily community in downtown Glenview, Illinois, part of Chicago’s North Shore.
The loan refinances a previous construction facility and provides proceeds to pay off the property’s preferred equity investor. JLL’s Daniel Gillard, Philip Galligan, Michael Gurwin, and Ryan Planek represented The Drake Group in the transaction. The Knighthead team, led by Jonathan Daniel, Peter Illuzzi, and Joseph Marraccini, arranged the loan.
“Cerca is a great addition to Glenview’s residential landscape, offering an exceptional level of design with luxury amenities, and we’re pleased to provide The Drake Group with a flexible refinancing solution that supports this best-in-class property,” said Jonathan Daniel of Knighthead.
Located in the heart of Glenview, Cerca benefits from its proximity to the Glenview Metra Station. The project also includes 6,886 square feet of ground-floor retail space. The property is also less than a 20-minute drive from O’Hare International Airport.
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