Byline Bank’s Commercial Real Estate Group (BCREG) has closed on a $15.95 million loan for the construction of a new Class A logistics property owned by both Bridge Logistics Properties (BLP), a subsidiary of Bridge Investment Group Holdings Inc. (NYSE: BRDG) (Bridge), a vertically integrated logistics real estate investment manager, and Clarion Partners, a global real estate investment firm.
First-time Byline borrowers BLP and Clarion Partners will be utilizing the funds for the ground-up construction of a 220,817-square-foot Class A logistics and industrial warehouse facility at Gateway Logistics at 429. This will be the first of a seven-building logistics park development located on a 1.4 million-square-foot site outside Orlando, Florida. Construction begins July 2024, with an expected completion date of summer 2025.
“The logistics industry has become increasingly complex and requires newer and more technologically advanced properties,” said Sarah Hunter, Senior Vice President of Commercial Real Estate for Byline Bank. “Byline’s financing for Bridge Logistics Properties and Clarion Partners underscores our unwavering commitment to delivering tailored financing solutions for our clients. We hope that this is the first of many financings for Bridge Logistics Properties and Clarion Partners as we continue BCREG’s strategy of building lasting relationships with best-in-class real estate investors and developers.”
“In what can be a challenging and rapidly evolving financing environment, we found Byline to be practical, competitive and efficient in closing this transaction. We expect that it will be the start of a long relationship,” said Matt Berger, Chief Financial Officer of BLP.
About Byline Commercial Real Estate Group
Byline’s Commercial Real Estate Group (BCREG), headquartered in Chicago, provides first mortgage construction, bridge and permanent loans secured by properties in the Chicagoland area as well as nationwide for Tier One customers. Since 2014, BCREG has closed $2.4 billion of loans for its target market, focusing on multifamily (including student housing and active adult), industrial, self-storage and retail properties.
About Byline Bancorp, Inc.
Headquartered in Chicago, Byline Bancorp, Inc. (NYSE: BY) is the parent company of Byline Bank, a full-service commercial bank serving small- and medium-sized businesses, financial sponsors and consumers. Byline Bank has approximately $9.6 billion in assets and operates 46 branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and community banking products and services, including small-ticket equipment leasing solutions, and is one of the top Small Business Administration lenders in the United States according to the national SBA ranking by the U.S. Small Business Administration by volume FY2023. Byline Bank is a member of FDIC and an Equal Housing Lender. For more information, visit www.bylinebank.com.
About BLP
BLP is a vertically integrated logistics real estate investment manager led by tenured, multi-disciplinary real estate professionals with experience navigating several economic environments over the past three decades. Its founding members and leadership team employ a disciplined investment strategy that is both cycle-tested and innovative. Founded in 2021, BLP is comprised of industrial real estate veterans with prior tenure at Brookfield, Prologis, IDI Logistics, Duke Realty, Hines and KTR Partners. BLP is a value-focused investment manager that is highly collaborative with its institutional capital partners. Leveraging its deep local relationships and its global operating experience, BLP uncovers and executes on investment opportunities in targeted coastal and gateway markets in the U.S. BLP executes its acquisition and development strategy in a vertically integrated regional structure across five offices located in New Jersey, Atlanta, Miami, Dallas and Los Angeles. Its steadfast focus on innovation and sustainable development promotes solutions that are both profitable and socially responsible. For more information, visit BridgeBLP.com.
About Clarion Partners
Clarion Partners, LLC has been a leading U.S. real estate investment manager for over 40 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With $75.6 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to approximately 500 domestic and international institutional investors. Clarion is scaled in all major property types and was an early entrant into the Industrial sector. The Firm’s global industrial team manages a 1,000+ property portfolio in the U.S. and Europe consisting of more than 254 million square feet. Clarion Partners is an independent subsidiary of Franklin Templeton. More information about the firm is available at www.clarionpartners.com.
