July 1, 2019 Comments Off on PCCP Provides Refi on Chicago-Area Luxury Build Views: 253 Illinois, Midwest, National News

PCCP Provides Refi on Chicago-Area Luxury Build

PCCP LLC provided a $33.1-million senior loan to GSP Development for the refinance of Apex 41, a five-story, 181-unit, luxury apartment project in Lombard, IL. The loan will repay the existing construction loan and provide additional time for lease-up and stabilization of the property.

Construction of Apex 41 was completed in March 2017 as the final piece of locally based GSP’s 60-acre mixed-use development. It’s adjacent to Yorktown Shopping Center and convenient to Interstates 88 and 355.

Lombard is in the epicenter of the DuPage County’s East/West Office Corridor, which is one of the largest office submarkets in the Chicago MSA, with approximately 35.6 million square feet of office space. The East/West Office Corridor is home to several Fortune 1000 companies and other large private employers that locate in the Chicago suburbs for proximity to affordable housing and dense residential neighborhoods.

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