The Lake-Peterson House was built in 1873, most likely by its first owner, John Lake and stands in front of the main complex for Rockford's Swedish American Hospital along Business U.S. Route 20. Lake was an early and prominent citizen of Rockford as a party to partnerships in the lumber trade. He came to Rockford in 1837 and by the 1870s was one of the city's most important and wealthy citizens. Lake lived in the house until he died in 1907. In 1918 the house was purchased by Pehr August Peterson, a figure in the Rockford furniture industry.