MCZ Development, Michael Golden refinance Fulton Market building with $41M loan

The mixed-use development is home to Medici Living Group’s Quarters co-living space
By Joe Ward |
Research by Haru Coryne
December 17, 2018 01:30PM

@properties’ Michael Holden and 171 North Aberdeen Street (Credit: @properties and MCZ Development)

MCZ Development and @properties co-founder Michael Golden refinanced their mixed-use building in Fulton Market with a $41 million loan.

Chicago-based MCZ teamed up with Golden to construct the building at 171 North Aberdeen Street that has 75 apartments, 15,000 square feet of retail space and 40,000 square feet of office space. The complex is the site of the first ever co-living space in Chicago, with Berlin-based Medici Living Group’s Quarters-branded residences occupying the top five floors of the 10-story building.

Union Bank provided the refinancing, Cook County property records show. The borrower is an entity controlled by Golden, records show.

Golden has worked with MCZ Development before. In 2016, He and MCZ President Michael Lerner sold a 17,000 square-foot property along the Clybourn Corridor to investors L3 Capital, Crain’s reported at the time.

MCZ is redeveloping a former sausage factory at 166 North Aberdeen Street, across the street from 171 North Aberdeen. Plans for that site include a 20-story tower with 236 apartments.

The firm also developed the lofts at 616 West Fulton Market and the Clinton Street Lofts at 226 North Clinton Street.