Associated Bank has completed a $41,160,000 syndicated construction loan to Bridge Development Partners in partnership with Banner Oak Capital Partners, L.P. for Bridge Point Downers Grove—three speculative warehouse/distribution buildings in Downers Grove, Illinois. When completed, the three structures will total 679,858 square feet.
The property is located adjacent to the intersection of I-88 and I-355, and will have excellent visibility from both interstates. The three buildings are located at 3600-3700 Lacey Road and 3800 Finley Road on a formerly vacant 54.28-acre parcel.
The 3600 Lacey Road building will be a 175,576-square foot industrial facility with a clear height of 32 feet and include 33 exterior docks, four drive-in doors and nine trailer/future dock positions, in addition to parking for 213 cars. The 3700 Lacey Road building will be a 212,937-square foot industrial facility with a clear height of 32 feet and 33 exterior docks, four drive-in doors, and nine trailer/future dock positions. The parking lot will accommodate 226 cars. The 3800 Finley Road building will be a 291,345-square foot industrial facility with a clear height of 36 feet and 40 exterior docks, two drive-in doors and 15 trailer/future dock positions. It will have parking for 242 cars.
Each building will be rear-loading with state-of-the-art sprinkler and lighting systems. Completion of all three is expected in Q1 2019. Bridge has engaged David Friedland, Jason West, Sean Henrick, Michael Magliano and Doug Pilcher of Cushman & Wakefield as their leasing brokers. Bridge Development acquired the land in January in an off-market transaction with no brokers representing either side.
Associated Bank was the lead arranger and administrative agent for the syndicated loan, holding $20 million with the remaining $21.16 million syndicated to Byline Bank and Inland Bank. Vice president Daniel Barrins of the commercial real estate division of Associated Bank originated the loan.