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Chicago & Midwest  + Greater Chicagoland  + Finance  | 

Workforce Housing Project Secures $19M Financing

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

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Development
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