Byline Bank’s Commercial Real Estate Group (BCREG) has closed on a $9.25 million loan with LSC Development to fund the conversion of a 2000 vintage office building, prominently located at the intersection of I-355 and North Avenue, into a fully climate-controlled, state-of-the-art self-storage facility.
The 103,109-square-foot building, located on a 10.5-acre site at 665 W. North Avenue in Lombard, Ill., will be transformed into a 67,853-square-foot Class A, climate-controlled self-storage facility and provides 64 secured surface parking spaces for both RVs and regular vehicles across 14,800 square feet. Two loading docks with overhead doors will also be installed on the finished project.
Located in an affluent area with a high demand for climate-controlled self-storage facilities and easy access to the highway system, the adaptive reuse of this property is part of a larger, post-pandemic trend of repurposing unused or underutilized office buildings to fit the needs of the surrounding communities.
“It’s no secret that office usage has declined significantly over the last five years, and building owners need to find creative ways to bring new purpose and value into these vacant spaces,” said Matt Robertson, Senior Vice President in Byline’s Commercial Real Estate Group. “LSC Development took the opportunity to acquire this property and transform the unused space while leaving existing tenant offices intact.”
The loan was closed quickly, with just 19 business days between the signing of the term sheet and the acquisition of the property.
“Consistent with our long-standing relationship with Byline Bank, the process was fast and seamless. It is always a pleasure working with the Byline team,” said John Nikolich, President and Chief Operating Officer at LSC Development. “We’re excited to be breathing new life into this property and satisfying customer demand for state-of-the art, climate-controlled self-storage in Lombard.”
The deal closed in April 2025, and conversion is expected to be completed in the first half of 2026. Byline Bank was represented in this transaction by law firm Blank Rome and LSC Development was represented by Duggan Bertsch, LLC.
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 $2.6 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 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.
About LSC Development, LLC
LSC Development is a fully integrated real estate operating company based in Barrington, Illinois, focusing on the acquisition, development, and ownership of commercial and self-storage properties. Since its founding in 2002, LSC Development has acquired, developed, and operated 94 self-storage properties, totaling over seven million square feet. The current portfolio and development pipeline consists of over 3.0 million square feet. For more information, visit lscdevelopment.com.
