Finance N Illinois

Draper and Kramer closes $250M in FHA/HUD loans during first half of 2017

Chicago-based Draper and Kramer 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.

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.

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, updated interior finishes including kitchen and bath cabinetry, floor finished and appliances as well as mechanical systems.