The Solution
Walker & Dunlop’s team matched JPMorgan with the Lawson House project with an $82 million investment. This included $66 million in Federal LIHTC equity and $16 million in Historic Tax Credit equity. The investment also includes $2.4 million in Illinois State Donation credits.
This crucial financing allowed for significant renovations to bring the Depression-era property into the 21st century. The updates included converting units into single- occupancy studios with private bathrooms and kitchenettes, while also creating community spaces, laundry facilities, and a gym. The rehabilitation preserved the building’s historic character while ensuring a safe, clean, and supportive living environment.
The Result
The grand reopening of Lawson House marked a transformative moment for the community. The investment revitalized the property, now featuring 408 affordable micro-apartments. The project also generated a total economic impact of $55 million and supported 268 jobs. By financing this project, Walker & Dunlop and JPMorgan have helped improve the housing options in Chicago and contributed to the city’s overall growth and economic stability.
The experts who closed the deal
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