Bridge Development secures $41M loan for spec warehouse complex

The 680K sf development in Downers Grove comes amid a surging Chicago industrial market

Bridge Point Downers Grove (Credit: Bridge)
Bridge Point Downers Grove (Credit: Bridge)

Bridge Development Partners landed a $41.2 million construction loan for a warehouse complex in suburban Downers Grove, looking to take advantage of a hot industrial leasing market.

The syndicated loan arranged by Associated Bank will finance the 680,000-square-foot speculative Bridge Point Downers Grove development at 3600-3700 Lacey Road and 3800 Finley Road, according to RE Journals.

Bridge acquired the properties near the intersections of Interstates 88 and 355 for $18.5 million in December, according to Real Capital Analytics. It is developing them in partnership with Banner Oak Capital Partners. Construction is expected to be completed early next year.

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Associated Bank was the lead arranger and administrative agent for the loan, holding $20 million, with the remaining $21.16 million syndicated to Byline Bank and Inland Bank. Associated Bank’s Daniel Barrins was the loan originator.

Cushman & Wakefield’s David Friedland, Jason West, Sean Henrick, Michael Magliano and Doug Pilcher are the leasing brokers.

According to a recent Cushman report, new industrial market leasing activity in the Chicago area in the first quarter totaled 7.2 million square feet, a 38 percent increase year over year. [RE Journals] — John O’Brien