CHICAGO, IL – Chicago-based Draper and Kramer, Incorporated, one of the leading privately held, full-service real estate firms in the United States, announced its commercial finance division closed 17 Federal Housing Administration/Department of Housing and Urban Development loans totaling more than $250 million during the first half of 2017.
Draper and Kramer’s experience as an FHA-approved lender dates back to 1937, when it was awarded one of the first FHA licenses by former President Franklin D. Roosevelt. Over the past 10 years, the division has closed over $1 billion dollars in loans for the new construction, substantial rehabilitation, acquisition and refinancing of multifamily apartments, senior living communities, including assisted living and skilled nursing facilities. In 2016, the company was a top FHA/HUD producer in the Midwest.
The 17 loans represent a cross-section of FHA financing programs as well as markets across the U.S., including Colorado, Wisconsin and Illinois.
“The first half of 2017 has been very dynamic, with our clients financing over 3,200 multifamily units,” said Lee Oller, senior vice president with Draper and Kramer and chief underwriter for the company’s commercial finance group. “We’ve already surpassed 2016’s total loan volume, and we look forward to closing out 2017 as one of our firm’s best years ever.”
Among the completed transactions is financing for the West Town Housing Preservation project in Chicago, which is being developed on the city’s West Side by the not-for-profit Bickerdike Redevelopment Corp. The HUD construction/permanent loan will rehabilitate 68 scattered multifamily apartment buildings comprising 318 units, providing tenants with enhanced safety and accessibility features, updated interior finishes including kitchen and bath cabinetry, floor finishes and appliances, as well as upgraded mechanical systems.
“This financing combined a $60 million 221(d)(4) loan from HUD, tax-exempt bonds issued by the Illinois Housing Development Authority and equity from the sale of low-income housing tax credits to the National Equity Fund,” said Alan Cravitz, the loan originator and senior vice president with Draper and Kramer. “We’re proud to play a role in a very important and worthwhile project that will allow for the preservation of hundreds of affordable housing units in the rapidly gentrifying West Town community area.”
About Draper and Kramer, Incorporated: Founded in 1893, Draper and Kramer, Incorporated is family-owned and one of the leading privately held full-service real estate firms in the U.S. Draper and Kramer is headquartered in Chicago with a national reach and broad offering of services. The company’s expertise spans residential and commercial property management and leasing; debt and equity financing for commercial properties; residential and commercial acquisition and development; and residential mortgage services through Draper and Kramer Mortgage Corp. Draper and Kramer provides a single source of real estate-related counsel to a diverse group of investors in real estate across the U.S. including corporations; private and institutional owners and users of real estate; government agencies; condominium associations; and foundations. For more information, visit www.draperandkramer.com.