CRE v Wisconsin

Associated Bank loans $36.3M for 11-story mixed-use building

Associated Bank granted a $36.3-million loan to MCZ Development to aid in the construction of a new 11-story Chicago tower, which is expected to have a mix of apartment, office and retail space.

Green Bay, Wisconsin-based Associated Bank completed $36,300,000 in syndicated financing for MCZ Development to be used for a new, 11-story mixed-use development at 165-171 North Aberdeen in Chicago.

The 11-story tower, being built by MCZ Development and marketed by @Properties, will have 13,895 square feet of street-level retail space, and 43,438 square feet of office space on the fourth and fifth floors. Floors six through 10 will contain 75 apartment units consisting of 10 studios, 50 one-bedroom units and 15 two-bedroom units. The second and third floors will provide parking for all tenants. The project is scheduled for completion in October.

Founded in 1985, MCZ Development has evolved as one of America’s top real estate developers, using its experience in construction and general contracting to specialize in high-density infill development projects across the country. @Properties is the largest independent real estate brokerage firm in Illinois and one of the top 12 residential brokers in the U.S.

Associated Bank was the lead arranger/administrative agent with an $18,150,000 hold. The Private Bank was co-lead arranger with a hold of $18,150,000. Vice President Michael Olson of the commercial real estate division of Associated Bank managed the loan and closing.

 

A prior version of this story's headline referred to Associated Bank being based in Chicago. The company is based in Green Bay, Wisconsin, with its commercial real estate lending team in Chicago. RE Journals regrets the error.