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Weiss Entities, a Chicago-based developer with more than $300 million of property assets across Chicago and northwest Indiana, has secured a $54 million refinance for Prairie Point Apartments and The Reserve at Prairie Point, a 440-unit luxury apartment complex in Merrillville, Ind.
Protective Life Insurance provided the five-year, fixed-rate loan, sources told CO. Draper and Kramer’s commercial finance group, led by vice president Mark Perkowski, brokered the financing, which also features an open prepayment structure.
“We were able to leverage Draper and Kramer’s deep roster of correspondent lenders to secure a nonrecourse loan with competitive pricing and flexible prepayment, a combination that is nearly impossible to source from agency lenders and banks,” said Perkowski in a statement.
“The Weiss team’s dedication to high-quality maintenance, timely upgrades and professional management was integral to the successful closing,” he added.
By refinancing Prairie Point and The Reserve, Weiss Entities — a family-owned firm founded in 1942, with Don Weiss serving as president today — continues to build on its small empire of multifamily and retail properties that stretch across both Chicago and Northwest Indiana.
The family-owned firm’s 1.1 million-square-foot portfolio includes Uncommon, a 43-unit apartment building in Chicago’s South Loop neighborhood; the Coalwood Shopping Center in Valparaiso, Ind.; the Lakes of Valparaiso, a 35-unit apartment community; and Monarch Flats and Townhomes, a multifamily complex opening later this year in Merrillville.
Prairie Point Apartments and The Reserve at Prairie Point were built between 2002 and 2015, before undergoing a renovation in 2018. The community sits only 40 miles outside of Downtown Chicago and is about a two-hour drive from Indianapolis.
The Class A luxury apartment community features townhouse-style units of one-bedroom, one-bedroom plus den, and two-bedroom apartments. Units include garages, fireplaces, walk-in closets, in-unit laundry, and private entrances. The property’s shared community space features a resort-style pool, a fitness center, a playground, a volleyball court and an on-site property manager.
Protective Life Insurance officials didn’t immediately respond to a request for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
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