The asset is a development site located at 155 East Algonquin Road in Arlington Heights, encompassing 16 acres. The property is poised for significant transformation, featuring plans for a 301-unit apartment complex alongside 26,000 square feet of retail space within a larger $130 million mixed-use project.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $72,000,000
• Lender: Walker & Dunlop
• Landlord: Laurence Elbaum & Jeffrey Bernstein - Bradford Allen
• Loan Type: Construction
• Tax Increment Financing Approved: $17.8 million
• Construction Completion Date: July 2026

Bradford Allen played a vital role in securing the $72 million construction loan from Walker & Dunlop. The loan is intended for building the apartment complex, which will mark the beginning of a long-term redevelopment initiative in the area, emphasizing the significance of this project for the community.