July 1, 2019
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.
Connect Texas Multifamily will take place August 15, 2019 in Dallas. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny