Chicago & Midwest + Downtown + Finance | May 9, 2022

Draper and Kramer's Commercial Finance Group arranged $114 million in HUD financing for Tandem Development projects in Chicago's West Loop and River West

Draper and Kramer Secures $114M HUD Loans for Tandem Development Projects

Matt Wurtzebach, SVP with Draper and Kramer’s Commercial Finance Group (CFG), led a team in arranging $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 1044 W.Van Buren, a to-be-built 18-story mixed-use multifamily building in the West Loop. Wurtzebach originated the non-recourse 40-year loan through the U.S. Department of Housing and Urban Development’s 221 (d)(4) program.

“This project is a great example of HUD’s ability to execute highly competitive, non-recourse loans on market-rate apartments,” said Wurtzebach.

In addition, the CFG team of Wurtzebach, Jeff Ross and Kevan Brisoce 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 River West. The 35-year, non-recourse loan was provided through HUD’s 223(f) program.

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Draper and Kramer's Wurtzebach

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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