Bridge Development nabs $60M loan for Davie industrial project

Bridge paid $37M for the site in July

Oct.October 14, 2019 05:00 PM
Rendering of Bridge Point 595 and Kevin Carroll

Rendering of Bridge Point 595 and Kevin Carroll

Bridge Development Partners scored a construction loan from Wells Fargo to build a new industrial complex in Davie.

Property records show Bridge 595 LLC closed on a $60.28 million loan for the properties at 2650 and 2700 Bridge Way. There, the Chicago-based firm is planning Bridge Point 595, a development with three industrial buildings totaling over 677,000 square feet.

The Bridge Development affiliate paid $36.9 million for the 34.1-acre site in July. Forman Industrial Land sold the property.

Buildings 1 and 2 will each total 290,295 square feet, while Building 3 will total 96,724 square feet. The project is scheduled for completion in the third quarter of 2020.

Since 2012, Bridge Development has acquired 362 acres throughout Miami Dade and Broward counties and delivered more than 2 million square feet of Class A industrial space across the region, according to a previous release.

Demand for industrial real estate in South Florida has remained strong.

Earlier this year, Denver-based Industrial Property Trust got a $36 million loan from JPMorgan Chase Bank to finance construction of an 822,473-square-foot industrial park called Pompano Crossing in Pompano Beach.

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