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Alliant Capital is pleased to announce the closing of its $82 million investment in Lawson House, a historic 24-story Art Deco building in the Near North neighborhood of Chicago. Holsten Real Estate Development Corporation, a Chicago-based developer, will commence a two-year-long renovation of the property, which will provide 409 studio units and supportive services provided by Holsten Human Capital Development for individuals with special needs or at risk of homelessness.
Originally built in 1931, the Victor F. Lawson YMCA opened as a single room occupancy hotel serving Chicago residents starting in the Great Depression. The YMCA sold the property to Holsten Real Estate Development Corporation in 2014 with the expectation the property would remain affordable housing for at least 50 years. Lawson House was added to the National Registry of Historic Places in 2017.
The building’s historic façade will be preserved while the interior is extensively renovated to convert the original 583 single-occupancy units into 409 studio apartments, each with a private kitchen, bathroom, and basic furnishings. All plumbing, mechanical and electrical systems will be replaced with LEED Gold certified systems. Additional energy-efficient features include high-performance windows, increased insulation, and air sealing, and low-flow plumbing features. Site amenities will include social services, laundry facilities, community rooms, a fitness center, a computer lab, a library, a gymnasium, conference rooms, two roof decks, storage lockers, a catering kitchen, and regular community meals provided by an outside charitable organization.
“We’re honored to partner with Peter Holsten and his team to preserve and renovate Lawson House for at-risk and special needs residents for years to come,” says Dudley Benoit, Executive Vice President at Alliant Capital. “This is the eleventh affordable housing investment we have made with Holsten in Chicago, so we know how high quality the renovation will be when the property reopens to residents in 2024.”
This transaction was made possible due to the Federal Low Income Housing Tax Credit program combined with Federal Historic Tax Credits. In addition, the property has received state and local grants and funding to support its $128 million development budget. “The Low Income Housing Tax Credit is more important than ever as we work to address the growing affordable housing crisis in our country. Lawson House could have been lost to the market in the absence of tax credit financing and rental subsidies required to provide housing for those facing homelessness,” comments Jennifer Erixon, Alliant Capital Senior Vice President of Originations.
Alliant Capital has provided housing for over 400,000 low-income families, seniors, and veterans throughout the United States. Comprised of over 1,000 properties under the low income housing tax credit program, Alliant Capital’s portfolio now exceeds $17 Billion in assets under management since the company’s inception in 1997.
About Alliant Capital
The Alliant Company is a leading tax credit (LIHTC) firm focused on providing tax credit syndication for the development and financing of affordable multifamily rental housing. Founded in 1997 to assist in America’s critical need for affordable housing, today Alliant is among the nation’s top syndicators and has an unparalleled track record of success. With a dedicated team of experienced commercial real estate, asset management, legal and tax professionals, Alliant provides the highest level of fully integrated real estate and investment support services. We deliver rock-solid expertise with an innovative perspective.
Media Contacts:
Erin Horwitz
Marketing Coordinator
(818) 449-5825
erin.horwitz@alliantcapital.com
