Lombard, Illinois is an attractive suburban community situated along the Interstate 88 office corridor within commuting distance of Chicago. It is also home to the elegant Yorktown Shopping Center and a large variety of dining, retail and entertainment establishments. Until recently, it was missing just one thing: new, luxury apartments.
Chicago-based GlenStar Properties is changing that with a 65% loan-to-cost, non-recourse construction loan from PNC Real Estate for the development of a five-story, 181-unit luxury apartment building located at 2760 S. Highland Avenue.
Within walking distance of the Yorktown Shopping Center, the property will consist of studio, one and two-bedroom apartments with high ceilings and high-end finishes throughout. Balconies, a roof-top park nearly an acre in size, indoor heated parking, an outdoor pool, dog run, cyber café, business center and a state-of-the art fitness complex are designed to appeal to an affluent demographic.
The apartment building will be professionally managed by Greystar, the largest operator of apartments in the United States. Leasing is scheduled to commence in the summer of 2016.
As an existing client of PNC Real Estate, GlenStar was familiar with the bank’s process and had confidence in the bank’s ability to execute. One of their primary requirements was a non-recourse construction loan, which PNC Real Estate was able to deliver.
Date: November 2015
Location: Lombard, Illinois
Financing Type: Construction loan
Scope: 181 luxury units plus indoor and outdoor parking
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