Associated Bank closed on a $16.4 million acquisition and construction loan to Bridge Development Partners for the development of a 323,343 square foot, multi tenant, Class A speculative industrial building in Cicero, Illinois.
The building located at 1531-1541 South 54th Avenue on a 18.5-acre property and was formerly a General Electric manufacturing facility.
New tenant spaces in property will feature 36-foot clear ceiling heights and 320-foot depths. The project will have 50 exterior docks, two drive-in doors, 80 trailer positions, 267 parking spaces, and state-of-the-art sprinkler and lighting systems.
The completion of the project is scheduled for June 2018. Daniel Barrins, vice president in the Commercial Real Estate division of Associated Bank, originated the loan.
