MidAmerica Developments is a familiar name around Naperville,having contributed nearly 3,000 homesites to Naperville'slong-running housing boom.
MidAmerica has developed several major subdivisions, includingKnoch Knolls, Winding Creek, Hobson Woods, Buttonwood, Hobson Villageand Hobson West.
Nearly all of its residential development projects have been inNaperville, said Tom Miers, senior vice president of marketing forMidAmerica Federal, and the company's interests primarily are inresidential real estate.
MidAmerica began building in Naperville 15 years ago and isfamiliar with city codes and officials, Miers said.
The company is a wholly owned subsidiary of MidAmerica FederalSavings Bank, a Clarendon Hills-based savings and loan with assets of$1.5 billion. It has branches in Cicero, Western Springs, Wheaton,St. Charles and Naperville.
"MidAmerica Federal has always been a source for financinghomes," Miers said, "so that was a natural lead into the developmentbusiness. It works hand in hand."
MidAmerica Federal offers special financing to buyers of homesat MidAmerica's developments.
At Ashbury, the giant planned-unit development in Naperville,the perk is a half-point reduction in the mortgage service charge. Abuyer financing a $150,000 mortgage, for instance, would save $750 inclosing costs.
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