The joint venture between Texas-based Hunt Realty Investments and Chicago-based Bridge Development Partners announced that they have been supplied with more than US$26 million in mortgage debt financing by Mesa West Capital. The capital raised, the companies said, will be used to finance the joint venture's purchase of 26th & Western. 26th & Western is a two-building 298,000 square foot industrial grade cold storage portfolio in Chicago.
26th & Western is one of the most recent cold storage establishments in Chicago's infill food corridor. In 2004, the main facility was redeveloped and then in 2008, the construction of the adjacent 52,000 square foot building was started. Both buildings include a industrial but flexible cold storage room.
"This was an excellent opportunity for us to make a loan to a strong and experienced local sponsor on cash-flowing, high quality real estate in a supply constrained market. 26th & Western is a solid asset in an infill location with durable demand and very little supply, and will certainly benefit from Bridge Development's experience in creating value with industrial product, particularly cold storage, in the Chicago area," Ronnie Gul, Mesa West Principal, explained.
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