Chicago & Midwest + South Side + Apartments | December 13, 2022

Partners Secure $100M to Acquire, Rehab Far South Side Section 8 Apartments

L+M Development Partners, a New York-based full service real estate development firm, and SAA|EVI, a Baltimore-based real estate development firm, announced Tuesday the acquisition and rehabilitation of Concordia Place Apartments on Chicago’s Far South Side. The partners secured $99.7 million in funding to acquire and rehabilitate Concordia, including improvements to both interior and exterior features across the 53-year-old property.

Located at 13037 S. Daniel Dr., the 297-unit affordable apartment complex consists of 29 two- to three-story residential buildings and one community building. It’s federally subsidized by a HUD HAP Section 8 Contract.

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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).