PCCP, LLC PROVIDES $33.1 MILLION SENIOR LOAN FOR REFINANCE OF APEX 41, A LUXURY APARTMENT ASSET IN LOMBARD, ILLINOIS
New York, NY, June 28, 2019 – PCCP, LLC announced today it has provided a $33.1 million senior loan to GSP Development for the refinance of Apex 41, a five-story, 181-unit, luxury apartment project located in Lombard, IL. PCCP’s loan will repay the existing construction loan and provide additional time for lease-up and stabilization of the property.
Apex 41 is situated on a three-acre site at 2760 S. Highland Avenue and construction of the property was completed in March 2017. The property is atop a two-story heated parking garage. The community features top-of-market amenities including 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 units, and two bedroom units.
Apex 41’s key locational strengths are its proximity to retail such as the adjacent Yorktown Shopping Center, and its highway access with I-88’s on/off ramp at 1.3 miles away and I-355’s on/off ramp at 1.6 miles away.
Apex 41 is located in Lombard, IL, a village in DuPage County. Lombard offers convenient highway access with proximity to the I-88 and I-355 corridors, the Yorktown Shopping Center, and large corporate employers located off of I-88. 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 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.
About PCCP, LLC: PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $9.4 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 21-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. 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. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.