Draper and Kramer Provides Refi, Construction Loan on ISU Student Housing

A team led by SVP Matthew Wurtzebach of Draper and Kramer’s Commercial Finance Group  has arranged a $14.875-million non-recourse refinance and construction loan on behalf of 100 McKnight, LLC for The Park at Constitution Trail Centre, a three-phase student housing community located at 120 McKnight Dr. in Normal, L. The financing retired the existing debt on the first two phases of The Park, and provided 100% LTC on the remaining phase three construction. 

The Park at Constitution Trail Centre is an off-site, purpose-built community serving students at Illinois State University. The initial two phases, which were delivered in stages between 2019 and 2022, include 204 fully leased beds. Phase three will offer an additional 76 beds upon completion and is expected to be available for occupancy by August 2023. 

“The Park is an exceptional asset, filling demand for quality, new-construction student housing in the ISU market,” said Wurtzebach. 


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