CHICAGO – May 23, 2018 – Associated Bank announces the completion of 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 at 3600 Lacey Rd., 3700 Lacey Rd. and 3800 Finley Rd. in Downers Grove, Illinois.
The three buildings, totaling 679,858 square feet, will be constructed on a formerly vacant 54.28-acre parcel. The property is located adjacent to the intersection of I-88 and I-355, and will have excellent visibility from both interstates.
The 3600 Lacey Rd. 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 Rd. 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 Rd. 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.
Co-founded in 2000 by CEO Steven F. Poulos, Bridge Development Partners transforms complex industrial real estate opportunities such as infill industrial properties, cold storage and brownfield sites into industrial assets.
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.
Headquartered in Chicago, Associated Bank’s Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs. Associated’s Commercial Real Estate division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $33 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 270 banking locations serving more than 110 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.