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. 

The post Draper and Kramer Secures $114M HUD Loans for Tandem Development Projects  appeared first on Connect CRE.


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