Development of 4 Buildings, 3 Story- 90 Residential Units
Parkview Financial has funded a $19 million construction loan to Schiller Park, IL-based MB Bloomingdale Trails, LLC for the development of Bloomingdale Trails a 90-unit multifamily rental project located at 290 Stonington Drive in Bloomingdale, IL.
“During these uncertain times, as a lender, we are focusing on financing fundamentally sound projects with proven and experienced borrowers,” said Paul Rahimian, CEO of Parkview Financial. “Bloomingdale Trails met all our loan requirements and will be a great workforce for-rent housing development that is comparable to what you would see in quality, for-sale housing product.”
Situated on 5.29 acres of land, the project will feature four, three-story buildings. It currently has about 20 percent of the construction completed which includes demolition, rough grading, underground utilities, foundation and building retaining walls, and is anticipated for completion September 2020.
The project will total 115,830 square feet (sf) and the units will consist entirely of two-bedroom floorplans with an average size of 1,170 sf. The units will feature a washer/dryer, stainless steel kitchen appliances, and large closets among other upgrades, and will provide two parking spaces per unit.
The site is well-located in an infill location near a number of retail, dining, and other tenant-friendly amenities at the major cross streets of Springfield Drive and W. Army Trail Road.