July 8, 2020
Parkview Financial provided a nearly $19-million construction loan to Schiller Park, IL-based MB Bloomingdale Trails, LLC. The loan will finance the development of Bloomingdale Trails, a 90-unit multifamily rental project located at 290 Stonington Dr. in the DuPage County community of 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 Los Angeles-based Parkview. “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 with two-bedroom floorplans. Currently, about 20% of the construction is completed, including demolition, rough grading, underground utilities, foundation and building retaining walls. Completion is anticipated for September.
For comments, questions or concerns, please contact Paul Bubny