A partnership of Oxford Capital Group and Quadrum Global has received a $170M loan to build a new luxury apartment building at Chicago’s 808 South Michigan Avenue, named Essex on the Park.
The new 56-storey apartment tower will consist of 479 units in a mix of studios, convertibles, and one-, two-, and three-bedroom apartments. The building’s top two residential levels will feature four penthouse duplexes with a gourmet kitchen, a large master suite, and private outdoor space.
A historic 254-room independent hotel, known as Essex Inn, will be expanded to 271 rooms, repositioned and revamped into the Hotel Essex as part of the project.
Quadrum Global 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."