$45M Loan Secured for Hartman Building

The long-planned restoration of the downtown Hartman Building into a multifamily property came closer to fruition when broker Walker & Dunlop announced a HUD loan for $44.6 million.

Developer Cedar Street Companies has been planning to convert the circa 1926 office building into 176 market-rate apartments. Cedar Street has renovated several other historic Chicago buildings into multifamily properties.

The Hartman Building at 30 E. Adams St. is home to the famed Miller’s Pub, on the Wabash Avenue entrance of the building. The tavern and an adjacent McDonald’s will remain in business, though Miller’s Pub is closed until March for renovations.

Walker & Dunlop used HUD’s 221(d)(4) program to take advantage of historic tax credits. The 40-year loan includes only two years of interest-only payments.

The Hartman Building property will include a rooftop deck, fitness center and new retail. Construction has already begun.

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