Draper & Kramer lands $43M loan on luxury rental complex

Athene Annuity provided the debt on the 58-unit, newly-completed Gold Coast property

Chicago /
Dec.December 24, 2019 04:00 PM
Draper and Kramer CEO Todd Bancroft and 61 East Banks Street (Credit: 61banksstreet)

Draper and Kramer CEO Todd Bancroft and 61 East Banks Street (Credit: 61banksstreet)

Local developer Draper & Kramer snagged a $43 million refinance on its newly-completed luxury apartment complex in the Gold Coast, which continues to attract high-end rental and co-op construction.

Athene Annuity & Life Assurance Company provided the debt on the 58-unit property, which opened to tenants in June, property records show.

Called 61 Banks Street, the complex has units that range in price from $7,200 a month to $8,100 a month. Amenities at the Booth Hansen-designed building include lounge access, a fitness center and a doorman, along with stone countertops.

About a quarter of the development was leased before the scheduled move-in date, Curbed previously reported.

Draper could not be immediately reached for comment.


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