Oxford Capital Group and Quadrum Global Granted $170m loan to construct new Essex on the Park
Oxford Capital Group and Quadrum Global partnership have secured a loan for $170m to facilitate construction of the new Essex on the Park apartment building at 808 South Michigan Avenue in Chicago, US.
The new 56-storey, 479-unit apartment building's rental residences will feature high-end finishes, including 9ft-10ft ceilings and quartz countertops.
As part of the project, the adjacent 254-room hotel Essex Inn will be expanded to 271 rooms in late 2018 and rebranded Hotel Essex.
Oxford Capital Group's founder, president, and chief executive officer (CEO) John Rutledge said: "We have long been believers in the desirability and irreplaceability of Michigan Avenue real estate in Chicago.
“We are also believers in the continued and growing attractiveness of walk to work and walk to play downtown living for people across the demographic spectrum.”
Essex on the Park will feature a multi-story winter garden with an indoor pool, hot tub, and multiple indoor-outdoor spaces, including grills, kitchens, cabanas, fire pits, and sliding walls.
Other amenities to be offered include a billiard and game room, a business centre, and a conference room, as well as an expansive fitness centre, a yoga and fitness-on-demand room, a club room, an exhibition kitchen, bike storage, and four floors of onsite parking.
Quadrum Global's founder and CEO Oleg Pavlov said: "We are very pleased with the terms of this highly competitive institutional financing that our joint team has been able to obtain for this large-scale mixed-use project.
“To us, this underscores the continued strength of Chicago's Downtown market, the city's vibrant economy, as well as Essex's unique location and the strength of sponsorship."
The apartments will comprise an array of unit-types including a mix of studios, convertibles, and one, two, and three-bedroom units.
The top two residential floors of the building will include four penthouse duplexes.
Image: A rendering of the winter garden atrium. Photo: courtesy of Oxford Capital Group / Hartshorne Plunkard Architecture.