Bridge Development secures $41M loan for spec warehouse complex

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.

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

Recommend0 recommendationsPublished in Real Estate

Share this story with your network.

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on print


Recent Stories

phiggins123 Higgins

Test Post

Creating this site has proved difficult but rewarding. Recommended1 recommendationPublished in Local

Read More »

Del Marie: locked down, but not out

The rapper-dancer-performance poet rolls with the pandemic punches. 2020 started off so well. January and February were great months for 27-year-old rapper, dancer, and performance

Read More »

Speak with a local expert now.

Learn more about this recent happening by speaking with an agent.