L+M Development Partners (L+M), a New York-based full service real estate development firm, and SAA|EVI, a Baltimore-based real estate development firm, today announced the acquisition and rehabilitation of Concordia Place Apartments (Concordia) on Chicago’s Far South Side. Located at 13037 South Daniel Drive, the 297-unit affordable apartment complex consists of 29 two- to three-story residential buildings and one community building. L+M and SAA|EVI secured $99.7 million in funding for the acquisition and rehabilitation of Concordia, including improvements to both interior and exterior features across the aging property.
Concordia Place Apartments is comprised of 29 studios, 92 one-bedroom apartments, 114 two-bedroom apartments and 62 three-bedroom apartments. Originally built in 1969, Concordia is home to 297 households and is federally subsidized by a HUD HAP Section 8 Contract. Through L+M and SAA|EVI’s extensive renovation plans for the property, apartments will receive upgraded kitchens and bathrooms, new flooring, upgraded Energy Star lighting fixtures as well as new paint and drywall repairs. New windows and boilers will be installed, and the exterior stair system will be replaced with a more durable and environmentally-friendly structure. Plans also include upgrades to the community building, including a renovated community room with new flooring and paint as well as the addition of a computer lab and exercise room.
The United States Department of Housing and Urban Development (HUD) provides rental subsidy under the Project Based Section 8 program that financially assists the residents of Concordia. HUD extended the rental assistance contract for twenty years to facilitate the financing of the rehabilitation of the development.
“This plan assures that residents will receive much needed renovations to their units and improvements to the common areas,” said HUD Midwest Regional Administrator Diane Shelley. “Most importantly the replacement of the exterior porch entrances will enhance the design and the safety at the development. This plan furthers Secretary Marcia Fudge’s commitment to the residents and to Operation PUSH/The Rainbow Coalition, who advocated on behalf of the tenants for long term improvements.”
The project is being financed via tax-exempt bonds issued by the Illinois Housing Development Authority, 4% 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.
