Thorofare Capital has provided a $33,000,000 floating-rate senior loan for the refinance and lease-up of Bridge Point Melrose Park II, a newly constructed 186,000-square-foot Class A industrial warehouse and distribution facility located in the near west Chicago suburb of Melrose Park, Illinois.

Delivered in 2024, the 36-foot-clear facility was developed to institutional specifications and is designed to accommodate modern logistics and light manufacturing users. The property includes dock-high and grade-level loading, ESFR sprinklers, and ample trailer and vehicle parking. Following limited single-tenant leasing activity, the business plan was repositioned to support multi-tenant occupancy, targeting two to three users to enhance leasing velocity and tenant diversification.

At closing, the property was 18.6% leased to a national manufacturing and distribution company, and active marketing efforts were underway for the balance of the building through a national brokerage platform. Loan proceeds were used to refinance existing debt, fund reserves for tenant improvements and leasing commissions, and provide a shortfall holdback to support lease-up and stabilization efforts.

The floating-rate, interest-only loan includes an initial three-year term with extension options, offering flexibility to execute the leasing plan and pursue a refinance or sale upon stabilization.

The sponsor is an institutional real estate investment partnership with a track record of developing and leasing Class A industrial assets across the greater Chicago logistics corridor.