NorthPoint Development Secures $82.6M Loan From New York Life Insurance Co. For Industrial Portfolio
2924 East 126th Place, 12525 South Carondolet Avenue, 12519 South Burley Avenue & 3400 East 126th Street
$82,600,000
$12/SF
Building Size
1,600,000 SF
Asset Type
Industrial
Closing
Dec 9, 2025
AI
An industrial portfolio consisting of four properties, located at 2924 East 126th Street, 12525 South Carondolet Avenue, 12519 South Burley Avenue, and 3400 East 126th Street in the Chicago market, has a total square footage of 1,600,000. The properties, leased to tenants such as Ford and Flex-N-Gate, feature high clear heights and ample dock and trailer access, strategically positioned near interstates, airports, and the Calumet industrial corridor.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $82,600,000
- Lender: New York Life Insurance Co.
- Landlord: Nathaniel Hagedorn - NorthPoint Development
- Original Purchase: From Greenfield Partners in 2017
NorthPoint Development arranged the loan through New York Life Insurance Co. The properties in the portfolio were assessed as part of a broader investment strategy involving significant commercial tenants, ensuring sustained operational capability in a competitive industrial market.
Players
Chicago Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93