• Farewell Message
  • Where Are They Now
  • Client Portfolio

Lake Street Studios

Home | Client Portfolio | Lake Street Studios
previous next

Lake Street Studios

Experienced Developer Non-Profit Organization

Lake Street Studios

DEVELOPER INFO:
Interfaith Housing Development Corporation (IHDC) has created 13 supportive housing developments with over 600 units since 1992. These units house families overcoming chronic substance use, women who were formerly incarcerated, individuals and families living with HIV/AIDS, homeless veterans, “grand-families” and the elderly. IHDC works with faith- and community-based organizations, acting as partner and pathfinder in the ever-changing and complicated world of urban housing development. IHDC provides implementation planning tools, expertise and the long-term commitment necessary to create permanent solutions to homelessness in Chicago.

 

PROJECT INFO:
The development created 61 new studio units for homeless and at-risk homeless individuals in a single nine-story building in Chicago’s Loop. Building amenities include a multi-purpose room, property management office, exercise room, and a common laundry room. Supportive services are provided on-site, and address the special needs of the residents by focusing on enhancing their ability to maintain independent living, and promote personal growth and well-being. Other building amenities include a vegetative roof garden and a reading/library room; both of which are located on the partial tenth floor of the building.

project details

  • Project Site: IHDC
  • Developer: Interfaith Housing Development Corporation (IHDC)
  • Project Address: 727 W. Lake St., Chicago, IL 60661
  • Number of Units: 61
  • Property Type: Supportive Housing
  • Closed: November 2013
  • Awards Received: Multi-Housing News – Gold Award for Design Excellence in Workforce Housing - 2015; Urban Land Institute – Chicago Chapter – Vision Award 2016

 

Project Funding Sources:

  • 9% LIHTC Equity
  • Tax Increment Financing
  • FHLB AHP
  • Energy Grant
  • Pre-Development Loan
  • Project Based Vouchers

 

Lightengale’s Role:

  • Strategy
    • Development Team Assembly
    • Site Feasibility Analysis
    • LIHTC Application
    • Project Based Vouchers/RAD
    • TIF Negotiations
    • Project Budget
  • Financing Execution
    • Pre-Development Loan Coordination
    • Project Debt & Equity Coordination
    • Energy Grant Application
    • Other Credits/Loan Funds
  • Due Diligence Coordination
    • General Contractor & Architect Coordination
    • Property Mgmt Documents
    • Closing Owner Sworn Statement
  • Post Closing Services
    • LIHTC - Carryover/10% Test

 

Photo Credit: Anthony May Photography

related works

  • Humboldt Park Residence

    Humboldt Park Residence
  • East Bluff Housing

    East Bluff Housing
  • Bettendorf Place

    Bettendorf Place
  • Diamond Senior Apartments of Breese

    Diamond Senior Apartments of Breese
  • Hancock House

    Hancock House
  • LCDC Legacy Apartments

    LCDC Legacy Apartments
  • Altamont Senior Residences

    Altamont Senior Residences
  • Wisdom Village of Northlake, Phase II

    Wisdom Village of Northlake, Phase II
  • Ogden Avenue Supportive Housing

    Ogden Avenue Supportive Housing
  • Anthony Place of Ottawa

    Anthony Place of Ottawa
  • Anthony Place at Prairie Centre

    Anthony Place at Prairie Centre
  • Flax Meadows Townhomes

    Flax Meadows Townhomes
  • Miriam Apartments

    Miriam Apartments
  • Fifteenth Street Apartments

    Fifteenth Street Apartments
  • Washington Senior Apartments

    Washington Senior Apartments
  • Marison Mill Suites

    Marison Mill Suites
  • Thorpe Village

    Thorpe Village
  • Lawson and Montgomery Homes

    Lawson and Montgomery Homes
  • The Reserves at Briarwood

    The Reserves at Briarwood
  • The Reserves at Ironwood

    The Reserves at Ironwood
  • Wrightwood Senior Apartments

    Wrightwood Senior Apartments
  • Christian County, The Berkshires

    Christian County, The Berkshires
  • Pebble Creek Villas

    Pebble Creek Villas
  • River Haven Homes

    River Haven Homes
  • A Safe Place II

    A Safe Place II
  • Alice Place

    Alice Place
  • 3DD Oswego Senior Apartments

    3DD Oswego Senior Apartments
  • Diamond Senior Apts. at Wingate Drive

    Diamond Senior Apts. at Wingate Drive
  • Windsor Development Group Nehemiah II

    Windsor Development Group Nehemiah II
  • Windsor Development Group Golden Oaks

    Windsor Development Group Golden Oaks
  • Windsor Development Group Nehemiah I

    Windsor Development Group Nehemiah I
  • Windsor Development Group Hawkland Estates

    Windsor Development Group Hawkland Estates
  • Country Club Hills Wellness Center

    Country Club Hills Wellness Center
  • Immanuel Phase I

    Immanuel Phase I
  • Windsor Development Group Walnut Estates

    Windsor Development Group Walnut Estates
  • Leisure Acres, Phase I

    Leisure Acres, Phase I
  • Diamond Senior Apartments of Princeton

    Diamond Senior Apartments of Princeton
  • Gardiner Place Seniors

    Gardiner Place Seniors
  • IACAA Prairie Meadows I

    IACAA Prairie Meadows I
  • Virginia Towers

    Virginia Towers
  • The Reserves at Mill Farm

    The Reserves at Mill Farm
  • Bond County Homes

    Bond County Homes
  • West Humboldt Place

    West Humboldt Place
  • Southwick Place

    Southwick Place
  • G&A Kedzie

    G&A Kedzie
  • Arbor Place of Lisle

    Arbor Place of Lisle
  • Water’s Edge of South Elgin

    Water’s Edge of South Elgin
  • Hall St. Lofts

    Hall St. Lofts
  • Concord at Sheridan

    Concord at Sheridan
  • Mill Street Station

    Mill Street Station
  • A Safe Haven Veteran Village

    A Safe Haven Veteran Village
  • Hathaway Homes

    Hathaway Homes
  • The Reserves at Storm Lake

    The Reserves at Storm Lake
  • Galena Park Terrace

    Galena Park Terrace
  • New Pisgah – Veterans New Beginning

    New Pisgah – Veterans New Beginning
  • Glendale Commons PSH

    Glendale Commons PSH
  • KJ Manor

    KJ Manor
  • Transformation Center of New Moms

    Transformation Center of New Moms
  • Diamond Senior Apartments of Iowa City

    Diamond Senior Apartments of Iowa City
  • New Moms PSH – Oak Park

    New Moms PSH – Oak Park
  • Oak Park Senior Residence, Muscatine Iowa

    Oak Park Senior Residence, Muscatine Iowa
  • Wisdom Village of Northlake, Phase I

    Wisdom Village of Northlake, Phase I
  • Windmill Manor

    Windmill Manor
  • Montclare Senior Residences of Calumet Heights

    Montclare Senior Residences of Calumet Heights
  • Lincoln Park Community Services

    Lincoln Park Community Services
  • Hershey Tower & Senior Village

    Hershey Tower & Senior Village
  • Alice Place, Senior Living of Boone

    Alice Place, Senior Living of Boone
  • Lincoln Park Villas

    Lincoln Park Villas
  • Anthony Place of Yorkville

    Anthony Place of Yorkville
  • Tierra Linda

    Tierra Linda
  • Stonebridge of Gurnee

    Stonebridge of Gurnee
  • Mayfair Commons (NRC)

    Mayfair Commons (NRC)
  • Midtown Crossing Apartments

    Midtown Crossing Apartments
  • Rosenwald Courts

    Rosenwald Courts
  • Villas at Fox Pointe

    Villas at Fox Pointe


CREATIVE APPROACH.
PROVEN RESULTS.


three
Words from our Partners:

Lightengale (LGG) began serving affordable housing developers in 1999. Over the next 23 years, LGG assisted over 150 affordable housing deals (and one radio station) to come to fruition. We are so pleased that we were able to work with so many wonderful developers, both new and experienced, small and large, to help them provide affordable housing and improve their communities.

Over these years, we learned a lot and navigated the company and our clients’ deals through the Great Recession of 2007-2008 and the Covid Pandemic of 2020-2022. Throughout this time, we have had the privilege of working with some of the finest affordable housing specialists – on our staff, our clients, and in the broader community.
Everyone should have a home they can afford and feel safe in. Ideally, amenities are nearby, and the home is energy efficient. We enjoyed working with so many people who shared our vision of universal affordable housing. While we continue to believe strongly in universal affordable housing, we also believe it is now time to have others lead the way and guide deals through the process. We hope the next generation continues to provide more truly affordable housing for more people.

While we are not taking on any new clients or projects and will be closing our doors once we finish our current deals, we want to let you know how much we have enjoyed working with each and every one of you throughout these years.

All the best to each of you-- Maggy, Larry and Virginia
Copyright Lightengale Group