GSP Development Refis Apex 41 Project in Lombard
The Des Plaines, IL-based commercial real estate firm secured the financing from PCCP, LLC of New York City. The loan will repay the existing construction loan and provide additional time for lease-up and stabilization of the five-story 181-unit luxury apartment property.
LOMBARD, IL—GSP Development has secured a $33.1-million senior loan to refinance its Apex 41 multifamily development here.
The Des Plaines, IL-based commercial real estate firm secured the financing from PCCP, LLC of New York City. The loan will repay the existing construction loan and provide additional time for lease-up and stabilization of the five-story 181-unit luxury apartment property.
Apex 41 is situated on a three-acre site at 2760 S. Highland Ave. Construction of the property was completed in March 2017. The property is situated atop a two-story heated parking garage.
According to GSP’s website, Apex 41 is currently in the final stages of lease up. The project was the final piece of a 60-acre mixed used development, which included a 150,000-square-foot Sears Great Indoors and 120,000 square feet of multi-tenant retail which GSP developed, leased and owned.
The community’s amenities package includes a pool, clubhouse, golf simulator and dog run. Additionally, the rental units offer best-in-class interior finishes with granite countertops, gas range stove tops, in-unit washers and dryers, and other condo quality finishes. The property includes a mix of studios, one-bedroom and two-bedroom units.
Apex 41 is located near the adjacent Yorktown Shopping Center, and has highway access with I-88’s on/off ramp 1.3 miles away and I-355’s on/off ramp 1.6 miles away.
Lombard is in the epicenter of DuPage County’s East/West Office Corridor, which is one of the largest office submarkets in the Chicago MSA with approximately 35.6 million sf 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.
PCCP, which has offices in New York, San Francisco, Atlanta, and Los Angeles, has $9.4 billion in assets under management on behalf of institutional investors. Since its inception in 1998, PCCP has successfully committed $19.8 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures.