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.
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