Byline Bank’s Commercial Real Estate Group (BCREG) has closed on financing for a digital billboard and future self-storage property situated on 1.57 acres just north of downtown Chicago. BCREG acted as lead arranger and administrative agent alongside Lakeside Bank as syndicate partner. The borrower is a development team led by Langdon Partners LLC.
Funding of the property, located at 1854 N. Besly Court, supports the conversion of a vacant warehouse into Class-A, climate-controlled self-storage space. The redevelopment of 1854 N. Besly Court is in step with the adaptive reuse trend in commercial real estate, particularly in dense, infill locations with vacant industrial, office and retail space. Extra Space Storage will manage the 72,000-net-rentable-square-foot facility once construction is complete, expected within the next 12 months.
Additionally, the property features the region’s premier digital billboard, which boasts 3,800 square feet of highly visible advertising space adjacent to the heavily trafficked Kennedy Expressway and Metra train tracks.
“The combination of two niche asset classes made this an especially unique and complex deal, and we spent considerable time getting up to speed on how to best structure the loan,” said Matt Robertson, Senior Vice President and Commercial Real Estate Team Lead at Byline. “Making the effort to understand the asset classes and the client’s needs was especially important in the current environment. Multi-bank deals add an additional level of required detail, which our team managed extremely well so that we could have an efficient closing that was seamless to the client.”
“The Byline team took the time and effort to fully grasp the moving pieces of this transaction and execute a seamless process from start to finish,” said Jonathan Herbert, Chief Operating Officer at Langdon Partners.
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 over $2.6 billion of loans for its target market, focusing on multifamily (including student housing and active adult), industrial, self-storage and retail properties. For more information, visit bylinebank.com/commercial-real-estate.
About Byline Bank
Headquartered in Chicago, Byline Bank, a subsidiary of Byline Bancorp, Inc. (NYSE: BY), is a full-service commercial bank serving small- and medium-sized businesses, financial sponsors and consumers. Byline Bank has approximately $9.4 billion in assets and operates over 40 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 U.S. Small Business Administration (SBA) lenders according to the national SBA rankings by volume FY2024. Byline Bank is a member of FDIC and an Equal Housing Lender.
Follow Byline Bank on Facebook, LinkedIn, X or Instagram for the latest news and updates.
