Draper and Kramer Arranges $14.9 Million Loan for The Park at Constitution Trail Centre Near Illinois State

by Katie Sloan

Normal, Ill. — Draper and Kramer Inc. has arranged a $14.9 million loan for The Park at Constitution Trail Centre, a student housing development near the Illinois State University campus in Normal. The loan will retire existing debt on the first two phases of development at the site, and provide construction financing for Phase III of the project. Matthew Wurtzebach of Draper and Kramer’s Commercial Finance Group secured the non-recourse financing on behalf of 100 McKnight LLC. The initial two phases of the community, which were delivered in stages between 2019 and 2022, offer 204 beds that were fully leased at the time of financing. Phase III will offer an additional 76 beds upon completion in fall 2023. The property offers fully furnished units with bed-to-bath parity. Shared amenities include a private park; resort-style swimming pool; outdoor pavilions with televisions, furniture, grills and a fire pit; and access to The Constitution Trail, a paved, 40-mile running, walking, biking and hiking trail. 

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