Riverside Gets $64M HUD Loan for West Loop Apartments

Riverside Investment & Development secured a $64 million construction loan backed by the U.S. Department of Housing and Urban Development to restart a West Loop apartment project at 566 West Van Buren Street. The loan supports an $85 million, 199-unit rental building.

The 12-story project, first proposed in 2022, is now slated for completion in early 2027 after being shelved amid rising costs and volatile interest rates. The financing is arranged by Draper and Kramer and comes through HUD’s 221(d)(4) program, which provides fixed-rate, fully amortizing terms for up to 40 years. Riverside said it locked in a rate in the mid-5 percent to low-6 percent range and that equity includes partners such as Blue Star Properties and Metropolis Investment Holdings.