Byline Bank’s Commercial Real Estate Group closed on financing for a digital billboard and future self-storage property on 1.57 acres just north of downtown Chicago.
BCREG acted as lead arranger and administrative agent alongside Lakeside Bank as syndicate partner. The borrower is a development team led by Langdon Partners LLC.
Funding of the property, at 1854 N. Besly Court, supports the conversion of a vacant warehouse into Class-A, climate-controlled self-storage space. The redevelopment of 1854 N. Besly Court is in step with the adaptive reuse trend in commercial real estate, particularly in dense, infill locations with vacant industrial, office and retail space. Extra Space Storage will manage the 72,000-net-rentable-square-foot facility once construction is complete, expected within the next 12 months.
Additionally, the property features the region’s premier digital billboard, which boasts 3,800 square feet of highly visible advertising space adjacent to the heavily trafficked Kennedy Expressway and Metra train tracks.
