Bridge Development Partners just scored a $75 million construction loan and broke ground on the first phase of its Bridge Point Commerce Center project in Miami Gardens.
The 2.1-million-square-foot industrial park is being built on 186 acres at 3900 Northwest 215th Street. Bridge Development bought the site in October for $28.2 million .
The first phase consists of three buildings totaling 1.1 million square feet, including two nearly 287,000-square-foot buildings and a 535,000-square-foot facility with slightly higher ceiling heights. Phase one of the project is slated to be completed by the second quarter of 2019. It will be one of three industrial projects Bridge Development plans to deliver in South Florida in the next year, totaling more than 1.75 million square feet.
CIBC Bank US and Hartford Investment Management Company are the lenders, according to a press release. CBRE’s Steve Roth arranged the financing for the developer. Bridge Development Florida principal Kevin Carroll said in a statement that Bridge Point Commerce Center is aimed to be an alternative to Miramar, which is largely tapped out for new development.
The financing comes on the heels of its $32.1 million construction loan that Bridge Development secured last month for its Bridge Point Powerline Road development. The 468,000-square-foot industrial park in Pompano Beach is slated for delivery in the third quarter of 2019.
The Chicago-based developer is also in the midst of completing Bridge Point Riverbend, a 221,542-square-foot industrial building at the intersection of I-95 and Broward Boulevard in Fort Lauderdale.