Bridge Development Partners secured financing for its new spec industrial building in suburban Bedford Park, the latest project in the area for the Chicago-based firm.
Simmons Bank provided the $12.3 million construction loan for the Bridge Point Bedford Park development at 6855 West 65th Street, according to Cook County property records.
Bridge will build the 220,000-square-foot distribution center at the 12-acre site it bought in December for $3.9 million. It will tear down a former perfume factory on the property. Construction is expected to begin in the spring and be completed by the end of the year.
The firm has been active in the hot Chicago industrial market, particularly in the southwest and west suburbs. Last year it bought bought a 33-acre property in Cicero. There, it plans to develop two buildings totaling 576,000 square feet next to its existing 323,000-square-foot Bridge Point 290 facility at 1531 South 54th Avenue.
It also bought the 742,000-square-foot Fountain Square Commerce Center near Interstate 55 and Remington Road for $73.5 million, and secured $41 million in financing for a spec warehouse in Downers Grove.
Bridge also has been active in the Florida industrial market.
A spokesperson for the company did not immediately return a call seeking comment.