Knighthead Funding Refis Chicago-Area Apartments With $32M Loan

The Drake Group has sealed a $32 million loan to refinance a newly built multifamily community in suburban Chicago, Commercial Observer has learned.

Knighthead Funding supplied the loan for the 62-unit the Drake Group’s Cerca property in Glenview, Ill., that opened in June. The debt refinances a previous construction facility and pays off the property’s preferred equity investor, according to Knighthead.

“Cerca is a great addition to Glenview’s residential landscape,” Jonathan Daniel, principal of Knighthead Funding, said in a statement. “We’re pleased to provide the Drake Group with a flexible refinancing solution that supports this best-in-class property.”

Daniel originated the refi with a Knighthead team that also featured Peter Illuzzi and Joseph Marraccini. 

JLL negotiated the debt with a team consisting of Daniel Gillard, Philip Galligan, Michael Gurwin and Ryan Planek.

Located at 1850 Glenview Road 19 miles north of Downtown Chicago, the property benefits from mass transit access to Glenview’s Metra station, according to Knighthead. Community amenities include a fitness center, a conference rooms, a dog spa, and grilling stations. It also includes 6,886 square feet of ground-floor retail space.

The Drake Group did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.