Partnership Acquires 297-Unit Concordia Place Apartments in Chicago, Plans Renovation
CHICAGO — A partnership between L+M Development Partners and SAA|EVI has acquired Concordia Place Apartments in Chicago. The purchase price was undisclosed, but the partnership secured $99.7 million in funding for the acquisition and rehabilitation of the property. Located at 13037 S. Daniel Drive, the property consists of 297 affordable housing units across 29 buildings. Originally built in 1969, Concordia is federally subsidized by a HUD Section 8 Housing Assistance Payments (HAP) contract.
The buyer’s renovation plans include upgraded kitchens and bathrooms, new flooring, Energy Star lighting fixtures, new paint, drywall repairs, new windows and boilers, a renovated community room and the addition of a computer lab and exercise room. The project is being financed via tax-exempt bonds issued by the Illinois Housing Development Authority, 4 percent Low-Income Housing Tax Credits syndicated by Raymond James, a Freddie Mac tax-exempt loan provided by Capital One, and a tax-exempt bridge loan provided by Fifth Third Bank.