Monday, July 4, 2022

Draper and Kramer Arranges Two Loans Totaling $114M for Two Chicago Residence Developments

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This rendering reveals 1044 West Van Buren, a 196-unit condominium challenge underneath building in Chicago’s West Loop.

CHICAGO — Draper and Kramer’s Industrial Finance Group has organized two loans totaling $114 million for 2 condominium developments in Chicago. Tandem Growth was the borrower for each transactions. The primary was a $58.4 million building mortgage for 1044 West Van Buren, a 196-unit condominium challenge with 1,775 sq. ft of first-floor retail house within the West Loop neighborhood. Building started on the constructing, designed by Antunovich Associates, in April. Completion is slated for the second quarter of 2023. The HUD 221(d)(4) mortgage includes a 40-year time period and a 40-year amortization schedule.

The second mortgage totaled $55.6 million for the refinancing of Avenir Residences in Chicago’s River West. Accomplished in 2019, the transit-oriented growth options 196 models and 32,558 sq. ft of business house. Antunovich Associates additionally designed this property. The HUD 223(f) mortgage includes a 35-year time period and a 35-year amortization schedule.

Matt Wurtzebach of Draper and Kramer originated each loans with help from colleagues Jeff Ross and Kevan Briscoe.

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