Draper and Kramer, Incorporated‘s Matt Wurtzebach, senior vice president with the firm’s Commercial Finance Group, has closed a $64.78 million HUD construction loan on behalf of Riverside Investment & Development for a new 12-story, 199-unit multifamily building at 566 W. Van Buren St. in Chicago’s West Loop.
Draper and Kramer is the lender for the construction loan. In addition to Wurtzebach, the deal team included Dave Tomfohrde, Bill Barry, Jeff Ross and Kevan Briscoe. The construction loan through HUD’s 221(d)(4) program has a fixed rate with interest-only payments during construction and converts to a fully amortizing 40-year permanent loan that is open to prepayment without penalty after ten years.
Slated for delivery in 2027, the $85 million project at 566 W. Van Buren St. will offer convenient access to the Loop and is situated two blocks from the Chicago River, Union Station, the Old Post Office and BMO Tower.
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