Logistics Property Company, LLC (LPC), Wells Fargo Bank N.A, Inland Bank and Trust and Associated Bank, N.A. have closed on the $150 million construction loan for LPC’s multistory warehouse in Chicago. 1237 West Division, as the project is known, will feature 1.2 million square feet of logistics space across two floors and offer both rooftop parking and an adjacent five-story parking garage.
“The relationships that we’ve cultivated over the last 25 years have been paramount to our continued access to the capital markets. We’re very grateful as our success would not exist without our lenders,” said LPC Senior Vice President, Capital Markets Katherine Bernstein.
The project will have direct loading on the first and second floors, each with a 135-foot truck court. The first floor will feature 36-foot clear heights, 28 dock doors and two drive-in doors. The second floor, which will be accessible by 53-foot tractor trailers via separate up and down double-wide ramps, will feature 33-foot clear heights, 28 dock doors and two drive-in doors.
Managing Director, Central Division Head Michael Svets and Director, Relationship Manager Jeff Goodman led the financing for Wells Fargo.
“Wells Fargo is proud to be a financial partner with LPC as they deliver one of the more prominent industrial buildings in the city of Chicago,” said Svets.
The project is the first multistory warehouse in Chicago. It sits on an 11.5-acre site immediately adjacent to the full four-way interchange at Division and Elston in Chicago’s near-north Goose Island neighborhood.
