Portfolio
Avenir
Ambition, realized.
Program
Project Parameters
196 rental apartments + 4-story parking podium
10,000 sf outdoor amenities + 6,500 sf indoor amenities
23-story residential tower + 40,000 sf renovated office + 1,200 sf retail
Investment Strategy
Capital Strategy
Conventional construction loan to low-leverage, non-recourse permanent debt
Partner Highlights
With the odds against us, we succeeded by refusing to accept “we can’t.” Our team came together around an ambitious high-rise vision centered on legacy and wealth preservation, with a partner willing to place his bet on us—just as others had previously trusted and bet on him.
We leveraged what we knew and adapted quickly where we didn’t. Tandem’s first experience with Type-1 tower construction brought new subcontractor partners, but what wasn’t new: delivering under pressure. We succeeded through our perseverance, creativity, and an ability to find opportunities that others overlooked. Taken together, this allowed us to take the next step in our evolution.
Avenir, at the time our most ambitious undertaking, pushed the boundaries of scale, financing, and coordination and showed what is possible when boldness is matched with strong execution.
Approach
& execution
For Avenir, we managed the partial-demolition of a historic brick-and-timber office building simultaneously with foundation work for a new 23-story tower, all while contending with the complications inherent with Chicago’s mass-transit Blue Line subway line running directly beneath.
As we stretched ourselves, we forged new banking relationships that are now longtime trusted partners. While we delivered in January 2020 and into the uncertainty of a pandemic, our commitment to a long-term hold strategy allowed us to refinance with 35-year fixed debt through HUD 223(f), which will ensure stability for years to come.
Outcomes + Why It Matters
Q: What did we know before everyone else?
A:
We uncovered a zoning arbitrage opportunity through the site’s
‘downtown expansion zone’ location, an angle that was not widely known
in the greater development community. This allowed us to outbid more
established firms. We were able to secure the site understanding that
higher density was nearly assured – and that acquisition costs would
land at a significant per-unit discount – locking in an edge before
shovels hit the ground.
Q: What went wrong and what did we do about it?
The pandemic decimated creative loft office demand and left our new-
cleared timber floorplates with few viable tenants. As unexpected
vacancy dragged on, we pivoted to creatively re-imagine the empty
space as renovated apartments, now known as Lofts at Avenir. The Lofts
added significant revenue and, most importantly, NOI that allowed the
project to reach stabilization.
Q: How are we better because of it?
Avenir pushed us to default to ‘why not?’ – leaning in on ambition and
group trust over pedigree. We learned the value of partners who bet on
us, and the responsibility of honoring that trust. We also saw firsthand
that speed-in-execution is its own education. We learned by building,
not theorizing. And while creative financing can rescue an imperfect
design, it shouldn’t be the plan. Real edge comes from working side-by-
side, in the trenches, with domain experts.
Q: What was the lasting impact of Avenir?
Avenir’s legacy is that it redefined what Tandem could take on. It
cemented our reputation for creativity under pressure, gave us durable
banking relationships and positioned us as a proven high-rise developer.
Avra west loop
Program
Project Parameters
198 rental apartments
Full suite of amenities across two floors
20-story tower + 1,500 sf retail
Investment Strategy
Capital Strategy
Partner Highlights
Grit, from start
to finish
Delivering Avra meant threading a needle across three tight parcels. We negotiated complex air-rights deals, balanced the demands of a dense site, and coordinated closely with our construction and design partners to fit a 20-story tower into an urban patchwork.
Through the uncertainty of a pandemic, we stayed disciplined—sequencing trades, mitigating supply chain delays, and maintaining alignment across lenders, equity, and construction partners. The result was a tower that not only rose quickly but stabilized faster than expected. Avra made clear that even in volatile markets, disciplined execution wins.
Outcomes + Why It Matters
Q: What allowed for a high-rise building to be approved on such a small site?
A:
We understood the nuance of zoning. We were able to leverage the
downtown expansion zone to bid aggressively – which allowed us to
unlock density and edge from the onset.
Q: How was the construction affected by the COVID-19 pandemic?
Construction on Avra West Loop started in February 2020. When COVID
shutdowns started in March, Tandem called for a 2-week suspension of
construction to allow our trusted trade partners to assess the situation
and prepare their personnel to work through the pandemic. When work
resumed in April, the construction team rallied together, made up the
lost time, and pushed through to deliver the building in spring 2021. This
commitment to seeing the project through positioned Avra West Loop
to capitalize on a strong leasing season and reach full occupancy just 20
months after construction started, despite the once-in-a-lifetime
COVID-19 pandemic.
Q: What role did relationship-building play in this project?
Avra proved the flywheel of trust that drives our work. At our first high-
rise, Avenir, we built credibility with Fifth Third—and that confidence
carried seamlessly into another eight-figure loan and, later, permanent
financing through their Bellwether platform. On the acquisitions side,
patient relationship-building won over a seller wary of tire-kickers. And
when institutional preferred equity pulled out at the start of
construction, a long-time capital partner stepped in at the pivotal
moment. Avra made clear: relationships are the engine that moves a
project forward.
Q: What was the story on absorption and leasing velocity?
In 2021, a slow leasing season had many Chicago developers worried
renters wouldn’t return. By spring, traffic rebounded and absorption
surged—our in-house leasing team pushed applications to reach 95%
occupancy in just eight months, right as winter set in. The coordinated,
strategy-first approach set clear, ambitious goals that energized the
team, aligned incentives, and left everyone proud of the results. With the
building stabilized, we shifted focus to rent optimization, positioning
Avra today as one of the highest per-square-foot projects in the West
Loop.
Sage West Loop
Speed Meets Discipline.
Program
Project Parameters
196 rental apartments + 3 story parking podium
Full suite of penthouse amenities
18-story tower + 1,800 sf retail
Investment Strategy
Capital Strategy
Partner Highlights
Fast Without
the Flaws
We turned the opportunity into execution, balancing HUD complexity, cost control, and speed to stabilize ahead of the curve. We optimized design, financing, budget, and schedule in parallel—leaving no stone unturned. We mastered HUD 221(d)(4) financing as a durable edge, managed its complexity, and kept the project moving. We controlled costs relentlessly, built at pace, and launched lease-up early to accelerate results.
We trusted the A-team to run — coordinating partners and internal team members across financing, design, and construction. We cut through volatility, delivered on time and under budget, and stabilized quicker than the market thought possible. Sage now stands as a benchmark for speed, efficiency, and conviction.
Outcomes + Why It Matters
Q: What made a HUD 221(d)(4) insured mortgage right for this project?
A:
The capital strategy at Sage lives in its DNA and was baked into the
project from the start. The thesis was clear: get back to basics, simplify,
and build for the long haul. From day one, it was envisioned as a long-
term hold—so every decision in design, construction, and management
prioritized stable cash flow over immediate returns.
Q: How did Sage fulfill Chicago’s Affordable Requirements Ordinance?
We completed a creative, highly involved three-project off-site structure
to fulfill the onerous and constantly evolving affordable housing
landscape in Chicago. This effectively allowed the triggering project at
1044 W Van Buren to benefit from an ARO in-lieu payment during a time
when in-lieu payments were not allowed. This has an outsized impact for
the long-term financial success of the high-rise since just 16 affordable
units are on site and all at 100% AMI, well below the typical burden found
on all new construction in the West Loop.
Q: Was construction really completed in just 15 months?
Speed is the product of diligent planning, and Tandem does not
compromise on preconstruction planning and coordination. Tandem’s
integrated team invested thousands of hours preparing for construction
alongside trusted trade partners in order to deliver in record time. The
first temporary certificate of occupancy was issued 11 months after
construction started, and the final certificate of occupancy was issued 4
months later. The result: accelerated velocity that caught seasonal
leasing at its peak and a building that completed lease-up just 19
months after breaking ground.
Q: What were the big takeaways from Sage?
Our All-in Ownership™ makes a difference in the market. By having an
owner’s mindset, we were able to plan ahead for go-to market
roadblocks in every aspect of the design and construction and even
lease-up process.
Mode Logan Square
Shared Vision.
Program
Project Parameters
78 rental apartments + 55 space parking podium
2-building structure with central courtyard and 6,000 sf street-facing retail
Investment Strategy
Capital Strategy
Partner Highlights
Associated Bank
Construction/Permanent Lending
The long game
We pushed MODE forward with persistence and discipline. Our team guided a complex rezoning and entitlement process, balancing scale, design, and retail activation across multiple iterations. We spoke up when the numbers drifted and kept the focus on long-term value. By securing approvals and entitlements, we unlocked the potential of the site and positioned the project for delivery.
We carried the project through uncertainty. Instead of selling, we doubled down – building trust with partners and stakeholders. We executed steadily to transform a challenging site into a neighborhood anchor. As our first ground-up development, MODE established the approach and discipline that continue to guide our work today.
Outcomes + Why It Matters
Q: What was the original vision for MODE Logan Square?
A:
Q: What obstacles did the project face and how were they overcome?
Q: How did MODE shape Tandem’s trajectory?
MODE was a proving ground. It taught us how to manage entitlement risk, align capital, and build from scratch with no safety net. MODE also forged our operating playbook – demonstrating the power of owning a product experience well beyond delivery.
Q: How did MODE contribute to the neighborhood's growth and character?
The Kamingo
Program
Project Parameters
252 rental apartments + 6-story pre-cast parking garage
Full amenity suite with 9,000 sf street-facing retail + 2,000 micro
Investment Strategy
Capital Strategy
Partner Highlights
The Kamingo is our statement of intent in Florida. Located in the heart of Tampa Heights, it leverages Qualified Opportunity Zone incentives to create lasting community impact and durable returns. Expanding our HUD expertise into new markets, we’re confident our disciplined approach will unlock value where others hesitate.
Through partnerships with leading architects, designers, and legal minds, we’re delivering a project that combines retail activation at street level, micro-units for evolving lifestyles, and a bold exterior expression. For residents, it attracts pioneers and long-term tenants alike. For Tandem, it marks the start of a broader regional expansion—exporting Chicago’s standard of excellence and setting a new benchmark for Tampa’s built environment.
Approach
& execution
The Kamingo called for equal parts creativity and discipline. We navigated a new municipal framework in Tampa Heights while structuring financing to maximize Qualified Opportunity Zone benefits. On the ground, we coordinated across multiple parcels to bring together a dense mix of residences, retail, and parking in a rapidly evolving neighborhood.
By leaning on our Chicago-honed playbook—integrated preconstruction, early trade alignment, and radical transparency—we managed entitlement risk, set clear cost controls, and pushed forward a bold design. The result is a project that brings elevated architecture and long-term durability to a market primed for growth.
Outcomes + Why It Matters
Q: Why Tampa Heights, and why now?
A:
Q: What obstacles did you face in a new market?
Q: How does The Kamingo bring a new standard to Tampa’s market?
Because we own and operate our buildings, we understand what residents need day to day, and where typical developments fall short. That feedback loop shapes everything from unit layouts to amenity design to service standards. With The Kamingo, we’re bringing that resident-first perspective to Tampa Heights, raising the bar for quality, functionality, and long-term livability in a fast-growing market.
Q: What’s the broader significance of The Kamingo for Tandem?
For us, The Kamingo is proof our model travels. It demonstrates that Tandem’s integrated approach, financial discipline, and Chicago standards of excellence can thrive in new markets. It marks the start of a broader regional expansion and sets a precedent for the kind of long-
term value we intend to create on Florida’s West Coast.
additional completed projects
Lofts at Avenir
675 W Roscoe
City + Northshore Luxury SFHs
Burling Place
Sacred Heart Conway Mansion
Fulton Car Gallery
Union League Boys + Girls Club
