Wells Fargo leads $150 Million Facility with Participants Inland Bank & Trust and Associated Bank
1237 West Division. Image courtesy of Logistics Property Co.
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 Katherine Bernstein, Senior Vice President – Capital Markets at LPC.
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.
Michael Svets, (Managing Director, Central Division Head) and Jeff Goodman (Director, relationship manager) 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.
About Logistics Property Co.
Logistics Property Company, LLC (LPC) is an industrial real estate company focused on the acquisition, development, and management of modern logistics properties. The group is led by a diverse management team that averages more than 25 years of experience and has developed more than 55.3 million square feet of logistics buildings since 1995. LPC is headquartered in Chicago with more than 70 employees strategically located across eight offices. Its portfolio currently comprises 52 buildings across 23 million square feet in key logistics markets across North America with an estimated end value of more than $3 billion. For further information, please visit logisticspropco.com and follow @logisticspropco.