Draper and Kramer, Inc. announced a team led by Matt Wurtzebach, SVP with Draper and Kramer’s Commercial Finance Group (CFG), has arranged $114 million in construction and refinance loans on behalf of client Tandem Development for two mixed-use properties in Chicago’s West Loop and River West. The team recently closed on $58.4 million in construction financing for Tandem for 1044 West Van Buren, a to-be-built 18-story mixed-use multifamily building in the West Loop. In addition, it also closed a $55.62 million construction loan refinance for Tandem for Avenir Apartments, a 23-story mixed-use development completed in 2019 at 730 N. Milwaukee Ave. in the River West neighborhood.
1044 West Van Buren: $58.4 Million Construction Loan
Wurtzebach originated the non-recourse loan for 1044 West Van Buren through the U.S. Department of Housing and Urban Development 221 (d)(4) program, securing a 40-year term and 40-year amortization at 78% loan to cost. Jeff Ross, senior vice president, and Kevan Briscoe, vice president, both of Draper and Kramer’s FHA/HUD direct lending program, were key members of the deal team.
“1044 West Van Buren fulfills a growing demand for high-quality, Class-A apartments in the West Loop,” said Wurtzebach. “This project is a great example of HUD’s ability to execute highly competitive, non-recourse loans on market-rate apartments.”
Located on West Van Buren Street between Racine Avenue and Morgan Street, the development brings a new rental option to a rapidly evolving part of the popular West Loop neighborhood. Designed by Antunovich Associates, the building will feature 196 rental units as well as 1,775 square feet of first-floor retail space, 78 on-site parking spaces and 143 bike spaces. Apartments will have premium finishes and spacious floor plans, and many units will feature private balconies to take advantage of nearly unobstructed views to the north and east. Amenities will include a rooftop-level fitness center and yoga studio; coworking lounge with private offices; sky lounge and game room; and a deck area with fire pit and grilling stations.
Construction started in April, with anticipated completion in the Q2 2023.
