NorthPoint Development secured an $82.6 million refinancing backed by a four‑property industrial portfolio totaling 1.6 million square feet in South Chicago.
The debt, provided by New York Life Insurance, carries a maturity date of 2031, Commercial Property Executive reported. Kansas City-based NorthPoint originally purchased the properties from Greenfield Partners in 2017, financing the deal with a $69 million acquisition loan later assigned to Nationwide Insurance, which was set to mature last month.
The portfolio, completed in 2002 and 2003, spans 88.6 acres and includes four facilities, according to Yardi Matrix. They include: Commerce Park Building 1 at 2924 East 126th Street (384,000 square feet); Chicago Campus Building 2 at 12525 South Carondolet Avenue (247,000 square feet); Chicago Campus Building 3 at 12519 South Burley Avenue (460,417 square feet); and Chicago Campus Building 4 at 3400 East 126th Street, the largest at 547,200 square feet.
The properties feature clear heights of 28 to 30 feet, dock‑high doors, grade‑level access, single‑load configurations and ESFR sprinkler systems. Together, they provide more than 1,000 small‑vehicle parking spaces and more than 150 trailer positions.
Tenants include Flex‑N‑Gate, Dakkota Integrated Systems, Troy Design and Manufacturing and Ford Motor Company.
Situated along the Calumet Corridor, the buildings are near Ford’s historic Chicago assembly plant.
The loan follows another financing from New York Life. Earlier this year, NorthPoint acquired a 2.8 million‑square‑foot Chicagoland portfolio in a $270 million deal, supported by a $178 million loan from the insurer, maturing in 2032.
Even with oversupply and economic slowdown, Chicagoland’s industrial market has proven resilient. Sales volume surpassed $2 billion year‑to‑date through October, ranking seventh nationally and second in the Midwest behind Detroit, based on Yardi Matrix data. Average sale prices in the metro stood at $90 per square foot, well below the U.S. average of $136, making Chicago the second‑lowest nationally after Kansas City. Asking rents have held up as well.
NorthPoint Development, founded by CEO Nathaniel Hagedorn in 2012, operates in the Chicago and New York metro markets.