Draper and Kramer Closes $93.5M Refinance for Sterling Bay and Ascentris at The Elizabeth in Chicago's Fulton Market

CHICAGO — Draper and Kramer, Incorporated's Commercial Finance Group 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. The transaction was announced Sept. 8, 2026.

The deal was arranged by Bill Barry and Bill Stewart, both senior vice presidents with Draper and Kramer's Commercial Finance Group. The Elizabeth, completed in 2024, comprises 350 rental apartments and approximately 10,000 square feet of street-level retail space. The tower stands roughly 314 feet tall and includes a mix of studios, convertibles, one-, two- and three-bedroom units, with 70 units — or 20 percent of the total — designated as affordable housing under Chicago's Affordable Requirements Ordinance.

Deal Details and Financing Structure

The $93.5 million refinance replaces the property's existing construction financing, which Sterling Bay and Ascentris used to develop the approximately $110 million project. The refinance comes roughly two years after construction financing closed and about one year after initial unit deliveries began in early 2024, a typical timeline for transitioning from construction to longer-term debt.

The loan was placed with non-agency lenders. Hartshorne Plunkard Architecture served as the project's architect, and McHugh Construction served as general contractor.

"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 Bill 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."

Fulton Market Activity for Draper and Kramer's CFG

Bill Stewart noted the refinance for The Elizabeth is one of several transactions Draper and Kramer's Commercial Finance Group has closed in Fulton Market during 2026. Earlier this summer, the firm brokered a $101.8 million construction loan for 410 N. Elizabeth St., described as Chicago's first geothermal, all-electric multifamily high-rise, being developed by Tree Street Group, Magellan Development Group and Mark Goodman & Associates. Together with The Elizabeth refinance, those deals follow more than $215 million in additional Class A multifamily financing arranged by Barry and Stewart in Fulton Market earlier in the year.

"Fulton Market is a high-velocity pocket that illustrates how the financing landscape is easing for the right opportunities in prime locations," said Bill 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."

Fulton Market Multifamily Fundamentals

The refinance reflects broader strength in Chicago's multifamily sector. Chicago's overall multifamily occupancy reached approximately 95 to 96 percent by late 2025 and into early 2026, above long-term averages. The West Loop and Fulton Market submarket posted one of the largest occupancy gains in the city during that period, rising approximately 4.3 percentage points year-over-year through the fourth quarter of 2025. Stabilized assets across Chicago were running at roughly 96 percent occupancy as of early 2026.

Market-rate rents at The Elizabeth range from approximately $1,960 per month for studios to around $6,450 per month for three-bedroom units, positioning the property within the top tier of Chicago's rental market. Class A assets in the West Loop and Fulton Market submarket have been averaging above $3,000 per month, consistent with The Elizabeth's pricing.

The property includes approximately 95 car parking spaces and roughly 199 bike parking spaces, along with ground-floor retail fronting W. Fulton St. and N. Elizabeth St.

About the Firms

Founded in 1893, Draper and Kramer, Incorporated, is a Chicago-headquartered, family-owned real estate services firm offering residential and commercial development, acquisition, property management and leasing, and debt and equity financing for commercial properties. Its Commercial Finance Group has sourced commercial real estate debt and equity for more than 125 years and maintains partnerships with more than 25 life insurance companies.

Sterling Bay is a Chicago-based real estate developer. Ascentris is a Denver-based private equity real estate firm. The two firms co-developed The Elizabeth at 225 N. Elizabeth St., Chicago, IL 60607.

Sources

Draper and Kramer — Commercial Finance Group Closes $93.5M Refinance for Multifamily Property in Chicago's Fulton Market (Sept. 8, 2026)