Springbank Real Estate Group secured more financing for its long-awaited, massive Arlington Downs development.
Washington Capital Management provided a $55 million construction mortgage for 3400 West Euclid Avenue in Arlington Heights, property records show. The debt appears to be part of a larger $137.5 million loan.
Springbank and Washington Capital Management did not respond to requests for comment.
Arlington Downs is a mixed-use development that sits on 27 acres and expected to total more than 477 residential units when completed.
Springbank finished the first phase of the development — a luxury 214-unit apartment complex with co-working space — in 2015. The Arlington Heights Village Board last year approved the plan for the next phase of construction, which includes another five-story apartment building with 263 units and a hotel.
Once completed, the $320 million development will also have four retail complexes and two additional residential buildings. The village first approved plans for the project in 2012, and Springbank’s CEO David Trandel has said the project could take about five more years to complete.Recommend0 recommendationsPublished in