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Chicago & Midwest  + South Side  + Apartments  | 
Lake Park Crescent Apartments in Chicago was built in 2004

Standard Communities Closes on South Side Deal That Went Into Contract in 2020

Standard Communities led a public-private partnership that acquired Lake Park Crescent Apartments, a 148-unit mixed income community on Chicago’s South Side. The total capitalization was approximately $54 million. 

Built in 2004 by Draper and Kramer, the 13-building Lake Park Crescent is located at 1061 E. 41st Pl. in the South Side’s Oakland neighborhood. 

Standard completed this transaction in partnership with the U.S. Department of Housing and Urban Development, the Illinois Housing Development Authority, Chicago Housing Authority and the City of Chicago Department of Housing. It was financed with Low Income Housing Tax Credits arranged in partnership with Boston Financial Investment Management, with additional financing from Citibank. 

As reported by Crain’s Chicago Business, the acquisition had a long gestation period. Standard signed a contract to acquire the property more than two years ago. Since then, there were “a lot of moving parts, a lot of approvals,” CIO Robert Koerner told Crain’s

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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).

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