Protective Life Provides $54 million Refi for Indiana Luxury Apartment Complex

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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. 

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“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