Draper and Kramer arrange two loans totaling $114 million for two Chicago apartment developments
CHICAGO — Draper and Kramer’s commercial finance group has closed two loans totaling $114 million for two apartment developments in Chicago. Tandem Development was the borrower for both transactions. The first was a $58.4 million construction loan for 1044 West Van Buren, a 196-unit apartment project with 1,775 square feet of first-floor retail space in the West Loop neighborhood. Construction of the building, designed by Antunovich Associates, began in April. Completion is expected in the second quarter of 2023. The HUD 221(d)(4) loan has a 40-year term and a 40-year amortization schedule.
The second loan totaled $55.6 million for the refinancing of Avenir Apartments in Chicago’s River West neighborhood. Completed in 2019, the transit-oriented development features 196 units and 32,558 square feet of retail space. Antunovich Associates also designed this property. The HUD 223(f) loan has a 35-year term and a 35-year amortization schedule.
Draper and Kramer’s Matt Wurtzebach is behind the two loans with help from colleagues Jeff Ross and Kevan Briscoe.