Cornucopia Services bought a 230-unit Washington Park apartment complex whose residents staged a public protest earlier this year complaining about living conditions.
The California-based nonprofit paid $20.6 million for the building at 6211 South Michigan Avenue. The seller was St. Edmund’s Redevelopment Corporation, a Chicago nonprofit that owns and operates other affordable rental complexes on the South Side.
Cornucopia financed the deal with a number of loans, led by $36 million in financing from the Illinois Housing Development Authority. It also secured $5.5 million in financing from Citibank and $500,000 from California developer Preservation Partners, which targets “at-risk” HUD buildings.
Representatives from Cornucopia did not immediately respond to requests for comment.
The building was the site of a public protest earlier this year, with residents complaining about poor living conditions there, according to the Sun-Times.
City building records show St. Edmund’s Village had failed a number of inspections going back to 2005, most recently earlier this month. That visit let to several building code violations for structural problems and a faulty intercom.Recommend0 recommendationsPublished in