UPDATE, August 12, 2019, 9:40 a.m.: 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 $137.5 million in debt for the entire development. The new mortgage is part of the capitalization for the second phase of construction, which will cost $92 million, said Springbank’s CEO David Trandel.
Washington Capital did not respond to a request 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 or five retail complexes and two additional residential buildings. The village first approved plans for the project in 2012, and Trandel said the project could take about five more years to complete.
Update: This article was updated to include additional details about the financing from Springbank’s CEO David Trandel.