Suburban Chicago Community Receives $33M Refi
The loan will help stabilize Apex 41, a luxury community in Lombard, Ill. GlenStar Properties completed the 181-unit asset two years ago.
Apex 41. Image via Google Street View
PCCP has arranged a $33.1 million loan for Apex 41, a luxury community in Lombard, Ill. The refinancing will provide additional time for lease-up and stabilization of the property. Apex 41 is a GlenStar Properties project completed in 2017, using a $32.4 million construction loan, according to Yardi Matrix data. Greystar provides management services at the 181-unit asset.
Located at 2760 S. Highland Ave., the community is accessible via interstates 88 and 355. Apex 41 is a five-story community atop a two-story heated parking garage. The property features studios and one- and two-bedroom floorplans, ranging from 571 to 1,427 square feet. Monthly rents averaged $2,080 in May, per Yardi Matrix data. Amenities include a 3,000-square-foot clubhouse, a swimming pool, a golf simulator, a business center, a fitness facility, a dog run and 286 parking spaces.
Yorktown Shopping Center is adjacent to the property and the the East/West Office Corridor, which is home to several Fortune 1000 companies and other large employers, is also nearby.
