Draper and Kramer’s Commercial Finance Group Closes $93.5M Refinance for Multifamily Property in Chicago’s Fulton Market

CHICAGO - (September 08, 2026)

Draper and Kramer, Incorporated, a national full-service real estate firm, announces a team led by Bill Barry and Bill Stewart, both senior vice presidents with the firm's Commercial Finance Group (CFG), has closed a $93.5 million refinance loan on behalf of Sterling Bay and Ascentris for The Elizabeth, a 28-story multifamily tower at 225 N. Elizabeth St. in Chicago's Fulton Market. Completed in 2024, the property includes 350 rental apartments and 10,000 square feet of street-level retail space.

"This deal is indicative of the strength of the multifamily market here in Chicago, where limited new inventory continues to drive rents at existing properties. It also demonstrates the appetite non-agency lenders have for financing high-quality multifamily deals," said Barry. "As a relatively new Class A asset in a Chicago submarket where there's ongoing demand for both residential and commercial space, The Elizabeth has a number of positive attributes that made it possible to tap into our network of lending partners and secure very favorable terms for our clients."

Stewart noted the refinance for The Elizabeth is one of several deals Draper and Kramer's CFG has closed in Fulton Market during 2026. This summer, the firm also brokered the $101.8 million construction loan for 410 N. Elizabeth St., Chicago's first geothermal, all-electric multifamily high-rise being developed by Tree Street Group, Magellan Development Group and Mark Goodman & Associates. Both The Elizabeth and 410 N. Elizabeth St. come on the heels of more than $215 million in additional Class A multifamily deals arranged by Barry and Stewart in Fulton Market earlier this year.

"Fulton Market is a high-velocity pocket that illustrates how the financing landscape is easing for the right opportunities in prime locations," said Stewart. "That extends to refinance situations like The Elizabeth, where our clients were looking to swap out their current rate, as well as construction financing for new projects in areas where multifamily demand is growing."

For more information on Draper and Kramer's Commercial Finance Group, visit https://draperandkramer.com/what-we-do/commercial-finance-group/.

About Draper and Kramer, Incorporated

Founded in 1893, Draper and Kramer, Incorporated, is a trusted financial and property services provider with a deep commitment to people, excellence, service and integrity spanning more than 130 years. Family-owned and one of the leading privately held real estate services firms in the U.S., Draper and Kramer is headquartered in Chicago with a national reach and broad offering of services. The company's decades-long heritage has evolved over the years and today spans expertise in residential and commercial development, acquisition, property management and leasing; and debt and equity financing for commercial properties. Draper and Kramer provides a single source of real estate-related counsel to a diverse group of real estate investors across the U.S., including corporations; private and institutional owners and users of real estate; government agencies; and foundations. For more information, visit www.draperandkramer.com.

About the Commercial Finance Group (CFG)

For more than 125 years, Draper and Kramer, Incorporated, has sourced commercial real estate debt and equity used to acquire, develop, renovate, refinance and recapitalize assets across property sectors and markets throughout the U.S. Today, through its Commercial Finance Group (CFG), the company continues that tradition with innovative financing solutions at all levels of the capital stack that are offered to third-party clients and used by Draper and Kramer for its own investments. As a service- and relationship-driven business, CFG prides itself on longstanding partnerships with more than 25 life insurance companies, some of which date back more than a century. For more information, visit www.draperandkramer.com/what-we-do/commercial-finance-group/.

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Editors:

For more information, contact Sarah Lyons, [email protected], (312) 267-4520.