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LCDC Legacy Apartments

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LCDC Legacy Apartments

Experienced Developer Non-Profit Organization

LCDC Legacy Apartments

DEVELOPER INFO:

Lead Developer: Lawndale Christian Development Corporation was established in 1987 by Lawndale Christian Community Church to bring holistic revitalization to the lives and environments of Lawndale residents through economic empowerment, housing improvements, educational enrichments and community advocacy. To be a developer and manager of community-enhancing residential and commercial properties; a partner for educational excellence; and a catalyst for community revitalization in the North Lawndale community.

Co-Developer: Safeway Construction acted as both co-developer and general contractor. The high-quality, city-wide firm has always had a strong focus on improving the quality of the North Lawndale community through employment opportunities and quality workmanship.

 

PROJECT INFO:
Located on the site of Dr. Martin Luther King Jr.’s home in Chicago during 1966, the Dr. King Legacy Apartments offer one, two, three, and four-bedroom apartments for rent as well as a ground floor exhibition about MLK. The apartments at this great Chicago apartments building all have exceptional finishes and lots of windows. The Dr. King Legacy Apartments were completed in 2011. The apartments are bright and spacious and the building has great amenities; building amenities include an exercise facility, courtyard, open green space and partial green roof. The King Legacy Apartments are conveniently located nearby I-290 and the Pink line.

The ground floor MLK Exhibit Center aims to commemorate Dr. King’s fight against housing inequality and redlining. “The MLK” is one of the prominent cultural spaces in the North Lawndale community. Tour opportunities, private rentals, and exhibit programming are currently available at the exhibit.

project details

  • Project Site: LCDC Legacy Apartments
  • Developer: Lawndale Christian Development Corporation (LCDC)
  • Co-Developer: Safeway Construction
  • Project Address: 1550 S Hamlin, Chicago, IL 60623
  • Number of Units: 45
  • Property Type: New Construction Family / Mixed Use
  • Closed: August 2009

 

Project Funding Sources

  • 9% LIHTC Equity
  • TCAP Funds
  • State Donation Tax Credits
  • State Low-Interest Loan
  • Amortizing Private Debt
  • Energy Grant
  • Construction Loan

 

Unique Project Elements

  • This was LGG’s 5th project with LCDC and LCDC’s first new construction project. The project also includes some ground level retail.

 

Lightengale’s Role

  • Strategy
    • LIHTC Application
    • Project Based Vouchers/RAD
    • Project Budget
  • Financing Execution
    • Pre-Development Loan Coordination
    • Project Debt & Equity Coordination
  • Due Diligence Coordination
    • Property Mgmt Documents
    • Insurance Coordination
    • Closing Owner Sworn Statement
  • Post Closing Services 
    • Construction Administration of Draws

 

 

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