By Roxana Baiceanu
The former home of the iconic Miller’s Pub, Chicago’s Hartman Building has landed a $44.7 million HUD loan, which will enable its conversion into a 176-unit multifamily property. Walker & Dunlop arranged the financing through HUD’s 221(d)(4) program, allowing developer Cedar Street Cos. to benefit from savings from the existing historic tax credits.
The adaptive reuse project will also be the first mixed-use development to receive HUD’s green mortgage insurance premium. The 40-year loan features interest-only payments during the first two years.
Given the green light
The Hartman Building is located at 30 E. Adams and is one of the several office to residential conversion projects meant to revitalize Chicago’s old Loop constructions. Alfred Alschuler designed the building in 1926.
Once complete, the new community will include a rooftop deck, fitness center and a new retail space on the ground floor. The business that will occupy the store will join McDonalds and Millers Pub, which will continue to operate at this location. The property also benefits from proximity to an L train stop and several shopping and cultural venues.
This new project is one of the several multifamily developments that Cedar Street Cos. is heading in The Loop area. Last year in spring, the developer received the city’s approval for adding a 149-unit apartment building to the office property at 676 N. LaSalle St.
Image via Google Street View